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Immoeast buys stake in TriGránit for € 400 mln

Immoeast Immobilien Anlagen AG, an Austrian property developer that operates in eastern Europe, said it bought a stake in TriGránit Holding Ltd. for € 400 million ($515 million) in order to boost real estate profits. TriGránit is a fully integrated real estate investment, development and management company. It has operations in 10 countries in central and eastern Europe, a large portfolio of completed trophy assets, and a pipeline of over € 2 billion of major mixed-use developments, as well as a number of Public Private Partnership (PPP) investments. TriGránit is well positioned to participate in the expanding real estate market. Immoeast purchased a 25% stake in the Budapest, Hungary-based TriGránit, the company said today in a statement. TriGránit is currently managing 30 property development projects across 11 eastern European countries, Vienna-based Immoeast said. „With the properties Immoeast will be able to purchase in the future from TriGránit, the average returns will be higher than with other purchases of completed properties,” Immoeast Chief Executive Karl Petrikovics said in the statement. Immoeast raised € 2.75 billion in June to boost its real estate portfolio in eastern Europe. The company wants to tap growing demand for office space and housing as people and companies in post-communist countries spend more money on real- estate. (Bloomberg, Trigrá