Project description
and objectives:
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Global Property Fund (the Fund) will be a real estate private equity
investment vehicle pursuing long-term gains through investing in development
and completed real estate primarily in Romania, Bulgaria, and Serbia and
Montenegro, with aggregate capital of EUR 70-100 million and a possible second
closing of up to EUR 150 million.
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Transition impact:
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The strategic input of the Bank is essential in various aspects:
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The key objective of the Bank’s involvement lies in the support of a real
estate fund which will concentrate its activity on real estate markets in
Romania, Bulgaria and Serbia and Montenegro (the Region) focusing on
development projects rather than acquisitions.
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The Fund will foster the development of the primary and secondary real estate
markets by developing institutional quality properties which still only
fragmentally exists in the Region. This will provide much needed liquidity and
encourage equity investors to expand their participation in the real estate
sector in the Region.
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The participation of the EBRD will encourage other investors to consider
expanding volume and tenor of their investments and to start to venture their
capital outside of the capitals of the most advanced EU Accession countries.
In addition, the EBRD’s participation will attract new investors in the real
estate sector of the Region.
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The client:
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A special purpose vehicle, organised under the laws of Jersey, managed by
Global Finance, a reputable Greek private equity and venture capital
management firm with over EUR 400 million under management and offices in
Greece, Bulgaria, and Romania.
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EBRD finance:
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Equity investment of up to the smaller of EUR 30 million or 30% of the total
Fund commitments.
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Total project cost:
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Up to EUR 150 million.
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Environmental impact:
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Screened FI.
Due diligence has confirmed that the Fund Manager has the necessary commitment
and experience to implement the Bank’s environmental requirements. The Fund
will be required to implement the Bank’s Environmental Procedures for Property
Fund across all its operations to conduct environmental due diligence and
monitoring of each sub-project, to ensure that each sub-project complies with
relevant national and EU environmental, health and safety standards and
requirements and to submit annual reports on environmental, health and safety
issues to the Bank.
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Technical
cooperation:
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None.
For consultant opportunities for projects financed by technical cooperation
funds, visit procurement
of consultants.
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Company contact:
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Mr Theodore Kiakidis, Investment Director
Global Finance S.A.
14, Filikis Eterias Square
106 73 Athens
Greece
Tel: ++30 210 812 4500
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EBRD contact:
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Marilena Vuiu, Operation Leader: vuium@ebrd.com
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Business opportunities:
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For business opportunities or procurement, contact the client company.
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General enquiries:
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EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168; Fax: +44 20 7338 7380
Email: projectenquiries@ebrd.com
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