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Immofinanz-Immoeast Merger Expected Thursday

WARSAW-The new firm will have a combined eastern Europe real estate portfolio of more than $20 billion.

By Allan Saunderson | Updated on April 26, 2010

WARSAW-April 29 has been confirmed by the Commercial Court Vienna as the official registration for merging the two real estate firms Immoeast and Immofinanz. The new firm will have a combined portfolio, heavily weighted toward eastern Europe, of $20.4 billion.

The Polish Financial Market Authority has also approved the information memorandum for the share exchange in its market. The merger has long been planned to integrate the Immofinanz-controlled Immoeast and continue a recovery of the two firms hit hard in the last two years by a scandal at their original owner, Constantia Bank, and the global economic crisis. With the merger, trading of Immoeast shares on the Vienna Stock Exchange will cease and an application for cessation on the Warsaw Stock Exchange will also be made.

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