Bluehouse equity fund



Project number:


Business sector:

Property and tourism

Notice type:


Environmental category:


Approval date:

11 Jul 2006



PSD disclosed:

26 May 2006

Project Description

The proposed project is an equity investment in Bluehouse Accession Property (II), L.P. (the “Fund”), an investment vehicle pursuing long term capital appreciation through real estate investments. The Fund will be established for the purpose of acquiring, developing, renovating, reconstructing, owning and managing real estate property in Romania, Bulgaria, Ukraine, Moldova, and Serbia and Montenegro (“the Region”), with aggregate capital commitments of up to EUR 100 million.

Transition Impact

The strategic input of the Bank is essential in various aspects:

  • 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 Moldova, Bulgaria, Romania, Ukraine and Serbia and Montenegro focusing on development projects.
  • EBRD’s catalyst role will support the development of the secondary markets and will provide a hands-on support for the restructuring and/or development of the corporate governance of investee companies. This will provide much needed liquidity and encourage equity investors to expand their participation in the real estate sector in the Region.

The Client

A special purpose vehicle, organised under the laws of Cyprus, managed by T2 Bluehouse Capital GP, a private equity management firm which is also managing T2 Bluehouse Capital Partners (the “Fund I”), set up in January 2005, whose capital commitments reached EUR 50 million. Fund I has reached fully invested status having invested in 13 assets in Romania and Bulgaria and having a number of additional projects in advanced stages of completion.

EBRD Finance

Equity investment of up to the lower of EUR 25 million or 20% of the total Fund commitments.

Project Cost

Up to EUR 100 million.

Environmental Impact

Screened FI.

An environmental review is required to examine the Fund’s environmental due diligence capabilities. The Fund will be required to implement the Bank’s Environmental Procedures for Property Funds to conduct environmental due diligence and monitoring of each sub-project, to ensure that each sub-project complies with, at a minimum, relevant national environmental, health and safety standard and requirements and to submit annual report on environmental, health and safety issues to the Bank. No issues to raise at this stage.

Technical Cooperation


Company Contact

Mr. Victor Pisante, Partner
T2 Bluehouse Capital GP

32 Voukourestiou Street,
106 71 Athens,

Tel. +30 210 3628900


Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168

Public Information Policy (PIP)

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Text of the PIP

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