The Fabian Romania Property Fund Buy Second Office Building

Hamilton, Bermuda:  13th January 2006 - The Fabian Romania Property Fund has purchased its second commercial office building in Romania following its launch in June last year. The equity component of the investment will be around 15% of the Fabian Romania Property Fund. 

It has paid an undisclosed sum for the Banu Antonache Office in central Bucharest. The building will be completed in February 2006 to a Class A standard and comprises a 4,505m2 lettable area with 86 underground car parking spaces. 

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 second commercial office building. Banu Antonache is one of the top investment buildings in Romania, built to a high standard .It is right in the heart of the emerging business district with excellent communications links to all parts of the City'DTZ Echinox acted as property advisors on the transaction.

The second and final draw down approved by the Board of the Fabian Romania Property Fund in December has been successful. 

For Comments:

Mark Holdsworth                           +44 207 835 5427

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'