Romania's biggest real estate fund reports record loss

Austrian-based Immoeast, the biggest real estate fund in Romania, reported 2.28 bln euros loss in the first three quarters ending in January, on depreciation of real estate portfolio and writedowns resulting from the cancellation of development projects necessary.

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.

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