The company reported 30.6% writedown, down to 7.03 euro/share. Losses before taxes in first three quarters are contrastive to 222 million euro profit in 2007-2008.

Immoeast, one of the leading real estate companies in emerging Europe had recorded 1.8 bln euros loss in first two quarters and said no future writedown would be possible.

The cancellation of further projects with a total investment volume of 1.147 billion euros is currently in negotiation with the project partners. Immoeast is held by Immofinanz and it is active in Romania.