Listed real estate company Immofinanz announced it has acquired the remaining 25% stake it did not already own in GoodZone, a shopping centre project under construction in Moscow. Immofinanz and the vendor agreed not to disclose the price.

GoodZone is one of the largest retail projects in Moscow and Immofinanz's second-largest investment in the 11.5-million resident metropolis. The first phase of construction covers more than 50,000 m2 of selling space and completion costs are estimated at EUR 85 mln. The second phase has a further development potential of 17,000 m2 of selling space.

Immofinanz acquired the first 75% of the project in July 2007.

The economic crisis resulted in the temporary suspension of construction in Moscow in 2008-9. Immofinanz said the takeover - achieved through intensive negotiations - will now ensure completion of the project.