Immoeast Acquires Euromall Shopping Centre in Pitesti

Immoeast has acquired another shopping centre in Romania. The Euromall Shopping Center completed in May 2007 was acquired in the industrial city of Pitesti. The property has total usable space of 32,000 square metres and is the only shopping centre in the region which corresponds to modern standards.

Immoeast"s investment totals 87 million EUR. The Euromall was fully let from the start. For the scarce amount of remaining space there is even a remarkable waiting list. There are a total of 120 shops and a restaurant area and cinema with entertainment centre located in the property.

The shopping centre is distinguished above all by its outstanding location. The city centre is just five minutes on foot, the entry and exit to the motorway is just 200 metres away and the city"s public transportation connections are excellent. Due to the scarce competition from other shopping centres, the Euromall has a very large catchment area in which approximately 480,000 people live. Pitesti itself has nearly 200,000 residents and due to its strong industrial basis is one of the most attractive markets in Romania.

The acquisition of Euromall Pitesti is the most recent of an entire series of large-scale investments in Romanian shopping centres. In the last few months shopping centres were also acquired in Constanta, Cluj, Sibiu, Craiova and Baia Mare. Work is also in high gear on the development of the Stop.Shop speciality shopping centre network. Altogether Immoeast has 44 retail properties and projects with usable space totalling 894,000 square metres in Romania. Immoeast"s Romania portfolio has altogether 113 properties totalling 3.85 million square metres.