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Fabian Romania Property Fund Buys First Office Building
Hamilton, Bermuda: 18th November 2005 - The Fabian Romania Property Fund has agreed to purchase its first office building in Romania following its launch in June.
It has agreed to pay an undisclosed sum for the Cascades Business Centre in central Bucharest. The building was originally put up for sale in February through a tender. The building was completed in October 2004 to a Class A standard and comprises a 4,234m2 lettable area with 24 underground car parking spaces.
The Cascades Business Centre is fully let to Pro Credit Bank, Aviva PLC, SC Rompetrol, HBO Romania and the Taiwan Trade Delegation.
Commenting on the transaction, Mark Holdsworth, Managing Director of Fabian Capital, the investment manager to the Fund said: €˜We are delighted that the Fund has sealed agreement to buy its first commercial office building. The Cascades Business Centre is one of the top investment buildings in Romania, built to a high standard and commands excellent leases. It is right in the heart of the emerging business district with excellent communications links to all parts of the City.
The Board of the Fabian Romania Property Fund has approved the draw down of the remaining 50% of the share capital of the Fund. In June 2005 50% of the Euro 21,201,500 raised was drawn down and now the remaining Euro 10,600,750 will be drawn down.The transaction is set to close at the end of the first quarter 2006.
For Comments:
Mark Holdsworth +44 207 385 0944
Notes to Editors:
The Fabian Romania Property Fund was launched closed in June, raising E21m of equity for investment solely in Romanian commercial property.
With gearing, the Fund is one of the leading players in the local property market and remains the only dedicated institutional property fund for Romania.
It is a Jersey expert fund, listed on the Bermuda Stock exchange.
The Investment Manager is Fabian Capital Ltd, a specialist Emerging European property fund manager.
Romania is set to join the European Union on January 1 2007.
Yields in Bucharest are still at a substantial premium to neighbouring Eastern European countries within the European Union'