Executive Summary
Madara Bulgarian Property Fund Limited (\Fund\) is a Jersey incorporated, closed-ended investment fund which was incorporated in April 2006 (receiving its fund permits in May 2006) to make investments in Bulgaria's property market, primarily in land to be subsequently developed and or traded. The Fund's investment objective is to generate total returns for Shareholders, primarily through significant appreciation in the capital value of its property investments, but also through income distribution. The Fund has set a return on investment level of 20% IRR whereby no investments shall be considered or recommended unless both the Fund's Investment Adviser and its Board of the Fund reasonably believe that the project will achieve a 20% IRR or higher. The Fund will focus on residential and commercial real estate development, infrastructure and utilities projects and property trading. The Investment Adviser has in place an experienced team of individuals who have worked together for a number of years and who have a wide variety of expertise to take advantage of development opportunities in Bulgaria. The Fund intends to pursue the following investing strategies: * to raise debt and develop acquired land according to the granted planning permissions for residential, commercial or infrastructure use; * to enter into co-development agreements on commercial terms to develop land according to the granted planning permissions for residential, commercial or infrastructure use; and/or * to resell acquired land, or parts thereof, without further development where an uplift in value can be achieved.
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