The proposed project will consist of establishing a Polish on-shore closed-end property fund, to be managed by BZ WBK AIB Towarzystwo Funduszy Inwestycyjnych (BZ WBK AIB TFI), a Fund Management Company. The Fund’s objective is to pursue long-term equity gains through investing in medium size real estate (primarily office buildings, warehousing and retail centres) and residential real estate development projects in primary cities in Poland. The Fund will be publicly traded on the secondary market of Warsaw Stock Exchange (WSE) subject to WSE acceptance of an application filed by the Fund within 7 days from the registration of the Fund.
The Bank’s investment in the Fund would be the first project where the Bank invests in a property fund domiciled in a country of operation. The successful closing of the first on-shore listed vehicle denominated in the local currency (PLN) would provide domestic institutional and individual investors with the possibility to invest in a regulated vehicle investing in real estate market. . The project will also contribute to the creation of a secondary market for quality medium size real estate projects built by developers active in regional Poland as well as in Warsaw.
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. The funds invest the entrusted resources in financial instruments on the capital and money markets. As of 31 December 2003 the funds under management by BZ WBK AIB TFI was approximately Euro 310 million invested in seven open–ended investment funds (including equity, bond and mixed funds) and one closed-ended investment fund.
The EBRD’s commitment would be up to Euro 10.5 million equivalent, subject to the size of the Fund.
Up to Euro 70 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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Text of the PIP