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Fabian Romania Property Fund To Co-Develop Apartments
Hamilton, Bermuda, August 23, 2006 -- The Fabian Romania Property Fund has reached agreement for its first residential co-investment project in Bucharest. The Fund has taken a 50% stake in the New Town development located a short distance to the east of Bucharest city centre. The development is being undertaken by Mivan Limited of the UK.
The development will involve the construction of around 655 residential apartments over two phases with an estimated gross development value of E85m. The plot is 23,000 sqm in size situated close to a nearby metro station. The apartments will be in the region of 100 sqm per unit and are targeted at middle income families. Construction works are scheduled to start in the fourth quarter with the first apartments ready in the first quarter of 2008. The fund has paid E5.75m for a 50% stake in the development company, Phoenix Park SRL.
Commenting on the transaction, Mark Holdsworth, Managing Director of Fabian Capital, the investment advisor to the Fund said: €˜We are delighted that the Fund has sealed agreement with Mivan to co-invest on the New Town development. Mivan has considerable development experience in emerging markets including Romania. There is a gap in the market for mid sized apartments aimed at the emerging middle class. The New Town scheme is ideally suited to fill this gap'
CBRE are property agents on the project.