Executive Summary
European Convergence Development Company plc is an Isle of Man company established to take advantage of opportunities that exist in the property markets of South-East Europe. ECDC was launched in September 2006 with an initial private fund raising of Euro30 million. The Company's funds are now over 75% committed in three development projects. The Company invests in commercial, retail, residential and industrial property, with a view to taking advantage of the potential for capital appreciation. The Company primarily seeks to invest in early stage developments whereby it co-invests with local and international property developers. The principal target countries are Bulgaria, Romania and Turkey, with the ability to invest in Croatia and Slovakia. The Company is managed by Charlemagne Capital (IOM) Limited. The Manager has significant experience in the region (including the management of European Convergence Property Company plc). The Manager intends that the Company will be fully committed for investment within 12 months of Admission. The Manager believes that: Bulgaria, Romania, Turkey, Croatia and Slovakia are all experiencing healthy and stable economic growth. Turkey and Croatia's economic growth will continue up to and beyond each country's anticipated entry into the European Union (EU). Bulgaria, Romania and Slovakia are already EU member states and are enjoying the benefits of membership. Croatia has signed an EU accession treaty and discussions are ongoing. Turkey has not signed an EU accession treaty but it is widely believed that it will seek EU entry by 2015.
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