Illyrian Land Fund fully committed within 12 months
Fund lists on Channel Islands Stock Exchange
02 April 2007
London, 2 April 2007 - Emerging Markets Advisory Corporation (EMAC), the asset management and advisory firm focused on emerging Europe, has announced today that its first fund, EMAC Illyrian Land Fund Limited ('ILF1'), has been fully committed less than a year after it was closed in April 2006 with commitments of €72 million.
In addition, EMAC announced that ILF1 has, today, been admitted to the Official List of the Channel Islands Stock Exchange LBG ('CISX'). The listing did not involve capital raising and no additional shares were issued or offered in connection with the listing. ILF1 shares will be listed under the ticker ILF1.
ILF1 is a closed-ended fund focused on real estate land trading opportunities in South Eastern Europe, primarily in Croatia, Serbia and Slovenia. ILF1's core investment strategy is in identifying, securing and preparing prime real estate sites for onward sale to end-users and developers seeking opportunities in the region. The fund has been allocated to investments in 15 development sites, principally in the leisure and residential property segments. ILF1 will now focus on enhancing the value of these investments through site assembly work including rezoning, planning and physical site preparation.
Matthew Gilpin, Chief Executive Officer of EMAC Capital, commented:
"We have seen an extremely strong pipeline of deals across our core markets, which continue to experience substantial growth in the real estate sector. This has enabled us to quickly invest the ILF1 in a number of high quality sites that we believe will be very attractive to developers."
"The continued growth of emerging Europe is proving attractive to increasing numbers of investors and will continue to offer investors an informed and controlled entry into these exciting markets."
He added: "We believe that by listing ILF1 on the CISX we are also demonstrating our commitment to operating within best practice regulatory standards and providing investors with the assurance that brings."
EMAC is currently in the process of raising its second fund, EMAC Illyrian Land Fund 2.
For further information: |
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Capital MS&L |
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| Annabel O’Connor/ Jennifer Martin | 020 7307 5330 |
Note to editors:
Emerging Markets Advisory Corporation Ltd focuses on the unique opportunities for investment in South Eastern Europe, Eastern Europe and Transcaucasia. Founded and staffed by regional, investment banking and commercial specialists, EMAC offers a combination of intimate market understanding, regional transaction experience, and an unrivalled network of contacts.
EMAC's wholly owned subsidiary, EMAC Capital Ltd is authorised and regulated by the Financial Services Authority and the asset management company, EMAC Management Ltd is regulated by the Jersey Financial Services Commission.
EMAC is 20% owned by a fund managed by Cheyne Capital Management Ltd, a London-based independent asset manager which is part of the Cheyne Capital Group. A further 10% is owned by Leo Capital, the recently de-merged venture capital division of London Merchant Securities plc (now part of FTSE-250 company Derwent London plc).