Immofinanz: 22.8m euros from rents despite 885m-euro portfolio - financiare.ro
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News » December, 2010 » 21 December 2010

Immofinanz: 22.8m euros from rents despite 885m-euro portfolio
21.12.2010, 00:07 | Real Estate | 583 views



Austria's Immofinanz investment fund, the most powerful investor on the domestic real estate market after taking over Immoeast fund, in the first half of the financial year (May-October 2010) 22.8m-euro revenues from the renting of 15 real estate properties domestically, down 13% from the same period of last year, though the Austrians hold a portfolio valued at 885m euros in Romania.

The Austrians, who in 2005-2008 period bought plot after plot, have many projects put on ice, so that out of 49 properties included in the portfolio, just 15 are generating revenues, with the rest being projects under construction (such as Maritimo Constanţa), or plots "frozen" in various stages, reveals a financial report by the Austrians.

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