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Immoeast buys office park in Budapest for €80 mln

Immoeast Immobilien Anlagen AG, an Austrian-based real-estate developer that operates in Eastern Europe, bought an office park in Budapest for €80 million as part of its expansion plan in the region.

The 49,000 square meter building site near the Danube will be finished by the summer of 2008, the Vienna-based firm said today in a statement.
Immoeast is expanding in Eastern Europe to tap rising demand for new real estate. The company is currently selling 333.5 million new shares, planning to raise €2.9 billion to finance an expansion.
Budapest real estate has the potential to catch up with Western Europe because while it has the same number of inhabitants as the capital of Austria, it has only 20% of the office space available in Vienna, Immoeast chief executive officer Karl Petrikovics said.