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More finance for real estate in Poland
EBRD invests PLN 49.5 million in BPH Property Fund
The EBRD is supporting the development of commercial properties across Poland
with a PLN 49.5 million investment in the new BPH Property Fund. Other
subscribers to the fund, which has a total value of PLN 330.6 million, include
pension funds, insurance companies and retail investors. The fund expects to
be listed on the Warsaw Stock Exchange later this year.
The fund is denominated in zloty, meaning it will be easier for domestic
institutional and individual investors to invest in real estate. The fund will
focus mainly on medium-sized commercial properties. Investments are likely to
include office buildings, retail units, warehouses, business parks and
outsourcing centres. Up to 30 per cent of the fund may also be invested in
other central and east European countries.
BPH Property Fund was set up and is managed by BPH Towarzystwo Funduszy
Investycyjnych, a Polish management company majority owned by Bank BPH S.A,
Poland’s third largest bank in terms of assets. Bank BPH is majority owned by
HVB Group.
Ilaria Benucci, EBRD Director for Property and Tourism, said the fund will
provide domestic and international investors with the opportunity to invest in
real estate in a market with growing demands. The EBRD’s participation should
strengthen the development of market standards and has been highly welcomed by
institutional investors.
As of March 2005, the EBRD had signed 140 projects in Poland, totalling €3.2
billion. An additional €7.9 billion has been mobilised. A total of 83 per cent
of projects are in the private sector.
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