Austrian developer Immoeast announced last week that it has sold stakes in its Czech and Estonian real-estate property portfolio worth up to 1.5 billion Euro, Interfax reported. “Immoeast launched the sale of its Central European investment portfolio," the company wrote in a press release. "The first to be sold were three stakes in objects in Czech Republic and Estonia." The largest transaction constituted the sale of a shopping centre in Czech capital Prague with usable floor space of 60,000 square meters (sqm). Immoeast also sold a shopping centre with 30,000 sqm usable space in the eastern city of Olomouc.

The developer also finalised negotiations for the sale of a residential building project for 800 apartments in the Estonian capital Tallinn, it was reported. Immoeast's subsidiary Immofinanz owns a 45 percent stake in the project, together with British developer Grainiger and a local developer.