Vienna-based Immoeast has reported depreciations of more than EUR 1 bn for the first three quarters of its 2008/09 business year. The developer of real estate in Central and Eastern Europe (CEE) said that it had continued to struggle with the extremely difficult market environment from 1 November 2008 to 31 January 2009, making more depreciation of the real estate portfolio and writedowns resulting from the cancellation of development projects necessary.
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