Executive Summary
The Fund is an Investment Company focused on investment in the Bulgarian residential property market and, particularly, apartments and villas to be built in and around Sofia. Its objective is to provide Shareholders with a high level of long-term capital appreciation. The Funds focus will be on opportunities in and around Sofia. The Fund will, however, have the flexibility to invest in residential property elsewhere in Bulgaria if suitable opportunities arise. The Fund will also have the ability to invest in land, and in property-backed and joint venture projects (which could include ski resort and golf course projects) with local and other partners (including banks). The Fund will have a maximum life of seven years expiring on 27 September 2012. The Manager intends to arrange the Property Portfolio so that it can be realised in an orderly way by the end of six years. The Fund has secured purchase options over 954 properties (out of which 63 represent luxury villas, and 891 represent luxury apartments) to be built over 12 separate sites in central Sofia and its southern suburbs. The Fund's Directors offer an array of expertise in respect of evaluating proposed investments including that gained in careers in Portfolio Management, Banking for the Bulgarian National Bank and Banking Risk Management.
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