Austrian property company Immoeast, a unit of Immofinanz, has acquired a shopping centre project in Costanta, Romania for an investment of EUR 185 mln. Construction of the 90,000-m[sup]2[/sup] space will begin in the summer of 2007, with completion expected in the autumn of 2008. The transaction is a forward purchase upon completion and letting of the property.
The Grand Hotel Imperiale in Forte dei Marmi, Italy has been sold to UAE-based real estate company Emaar Properties, owner of renowned buildings such as the Burj Khalifa and the Dubai Mall.
