The proposed project will consist of establishing a Polish on-shore closed-end property fund, to be managed by BZ WBK AIB TFI, a Fund Management Company.
The Fund’s objective is to pursue long-term equity gains through investing in complete office, retail and warehouse real estate as well as is property development and re-development projects, all located in the Region (defined as Bulgaria, Croatia, the Czech Republic, Hungary, Estonia, Latvia, Lithuania, Romania, Russia, the Slovak Republic and Ukraine).
The Fund will be publicly traded on the secondary market of Warsaw Stock Exchange (WSE) subject to WSE acceptance.
The transaction will be the Bank’s second investment into a real estate fund managed by the Manager. The transaction will support the local management team’s expansion of operations in Poland and other CEE countries. Upon successful establishment of the fund, the local management group of ARKA II will become a pioneer of regional property market player. The success of the fund will therefore provide a strong demonstration signal for potential investors and provide a base for activity of the market followers.
Moreover the Fund will provide domestic institutional investors (including pension funds) with the possibility to invest in a regulated vehicle investing in the regional real estate market.
The Operation will also contribute to the further development of primary and secondary market for quality medium size real estate projects.
BZ WBK AIB TFI, a Fund management company, established in 1998. The sole shareholder of this entity is BZ WBK AIB Asset Management S.A. and the indirect shareholders are BZ WBK S.A. (the fifth largest Polish bank) and Allied Irish Bank.
BZ WBK AIB TFI creates and manages investment funds for retail and institutional clients in Poland. As of 30 June 2007 the net asset value of the funds under management exceeded PLN 22.4 billion (EUR 5.9 billion). This places the Manager in the second place in terms of NAV under management in Poland with a market share of approx. 16%.
In July 2004, the Bank invested in the first property fund of BZ WBK TFI - Arka Property Fund, which is now fully invested.
The EBRD’s commitment would be up to the Euro 23.2 million equivalent (or up to 15% of the Fund), subject to the size of the Fund.
Approximately EUR 155 million equivalent.
The Fund will have to adhere by the Bank’s Environmental Procedures for Property Development and Acquisition Funds, which require, among other things, adherence to the Bank’s Environmental Exclusion and Referral List and compliance of property projects with, at a minimum, national standards for environment, health and safety. The Fund will be required to prepare an annual environmental report.
Mr. Krzysztof Samotij, President of the Management Board
BZ WBK AIB Towarzystwo Funduszy Inwestycyjnych S.A.
Pl. Wolnosci 15
Tel: +48-61-855 7322
Fax: +48-61-855 7321
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Tel: +44 20 7338 7168
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