The Fund's investment objective is to achieve a total return through a combination of rental income and long-term capital growth by participating in real estate development and investment opportunities in Poland.
The investment objective of the Fund is to achieve a total return through a combination of rental income and long-term capital growth by participating in real estate development and investment opportunities in Poland. The Fund will have as a specific objective the financing of medium-sized real estate development projects in the primary and secondary cities in Poland.
The Bank hopes that its involvement in this fund will catalyse investment by institutional investors in Poland (particularly life insurers and pension funds) and be a model for similar funds elsewhere in the region. In the longer term the project is expected to also have a positive indirect impact on the deepening of the capital markets in the country.
Pioneer Group Inc. is organising the Fund as a Poland-based investment vehicle for the purpose of investing directly or indirectly in commercial real estate properties in Poland. At present, Pioneer manages nearly US$ 19 billion in assets (US$ 15 billion in 1996), including 22 mutual funds in the United States.
The EBRD will subscribe US$ 10 million or 15 per cent of total fund capital (whichever is the lower of the two). This is subject to the Fund receiving subscriptions of at least US$ 50 million (inclusive of the EBRD's commitment). Based on a target final closing of US$ 60 million, the EBRD's contribution will be US$ 9 million (ECU 8.3 million).
The target final closing of the Fund is US$ 60 million (ECU 55.6 million).
The Fund will follow the EBRD's Environmental Procedures for Investment Funds. In implementing these procedures, the Fund will assess potential environmental issues associated with its investments which are required to comply, at a minimum, with local/national health, safety, environmental and public consultation requirements.
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