GLOBAL FINANCE HAS SET UP A NEW FUND
The Greek investment group Global Finance has set up its first real estate fund in Central and Eastern Europe. Global Emerging Property Fund has equity capital of EUR125MN, and is expected to raise it to EUR150MN by the year-end. EFG Eurobank Properties - a leading real estate company in the region - has been picked up as an official consultant of the new structure. Shareholders in the fund are private investors, the European Bank for Reconstruction and Development (EBRD), and the subsidiary to IMMOFINANZ Immobilien Anlagen AG.Global Emerging Property intends to invest about EUR450MN, mainly in attractive real estates in Romania, Serbia and Bulgaria. Up to 20% of its assets can be directed to other Easteuropean countries as well. The fund will be acquiring modern office buildings, trade and logistics centres, and industrial parks, to be let out to multinational and local companies. Global Finance manages two more funds - Rastezh and the Black Sea Fund, which have focused on activities in Bulgaria and Romania. Shareholders in them are the EBRD, the International Financial Corporation (which is within the World Bank's structure), EFG Group, AIG, and other international investors, as well as local partners, such as Post Bank and Doverie Fund. Global Finance has invested in the domestic United Dairy Company AD, in the Family chain of stores, in MobilTel, Chipita (packed snacks), Stilmet (aluminium profiles), and Royal Potatoes.