UPDATE: Immofinanz buys Polus mall in Constanta for one euro, takes over its debt

Austrian investment fund Immoeast has bought 85 percent of Polus Center Constanta mall from developer TriGranit and will takeover the mall's EUR 40 million debt, according to an article in Ziarul Financiar. The shopping mall is still under construction and could be finalized next year. The fund already controlled 15 percent of the project. Immoeast has previously bought another similar shopping center from TriGranit: Polus Center Cluj, for EUR 210 million. According to Ziarul Financiar, Immoeast has paid one euro for the shopping mall in Constanta. The fund had signed a contract in 2007, stating it had to pay EUR 185 million to takeover the mall when completed, but it chose to buy it now and pay the remaining construction costs. Immoeast, which used to be the biggest real estate buyer in Romania two to three years ago, has ended up restructuring its portfolio of projects across the CEE region and announcing plans to sell some of its projects in Romania and halt new acquisitions. The fund has recently merged with its mother group Immofinanz. UPDATE: The Polus Constanta shopping center has a leasing area of 48,000 sqm and a total built area of 112,000 sqm. Its opening is planned for the second quarter of 2011, according to the developer. "I am glad we have reached this agreement with TriGranit on Polus Constanta because Immofinanz Group sees Romania as a strategic area on its map," said Manfred Wiltschnigg, member in the fund's board.