EMAC Capital announces €80.4million final closing of Illyrian Land Fund 2
09 October 2007
9 October 2007, London – EMAC Capital (‘EMAC’), the asset management and advisory firm focused on emerging Europe, today announced the final closing of its second institutional fund, EMAC Illyrian Land Fund 2 (‘ILF2’), with commitments of €80.4 million.
ILF2 has secured investments from over thirty institutional investors in the UK, Europe and the US. These include hedge funds and long only investors such as Cheyne Capital and LMS Capital, as well as a Danish pension fund and a major Israeli insurance company.
ILF2, listed on the Channel Islands Stock Exchange (tickers: EILE and EILU), is focused on real estate opportunities in a number of key markets in South Eastern Europe including Croatia, Georgia, Macedonia, Montenegro, Romania, Serbia and Slovenia.
The Fund will make investments in prime sites with potential across a number of high-growth segments of the real estate sector including tourism, residential and commercial. ILF2’s core strategy is to make direct real estate investments in land which is suitable for change of use and onward development..
ILF2 has already made or approved several investments since the start of fundraising six months ago and has so far drawn down 80% of committed capital.
Matthew Gilpin, Group Chief Executive of EMAC Capital, added:
“Given recent turbulence in world financial markets, it is testimony to the appeal of EMAC Capital’s strategy and the potential of the markets in which we operate that we have seen such interest from a broad range of high quality investors. Thanks to our strong local network, EMAC has a proven ability to access and execute deals locally, unlike some regional funds, and this is a compelling proposition for investors.”
For further information: |
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| Capital MS&L | |
| Annabel O’Connor / Jennifer Martin / Nick Bastin | Tel: +44 (0)20 7307 5330 |
Note to editors:
About EMAC
EMAC focuses on the 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.
Founded in 2005, EMAC has offices in the UK (London), Slovenia (Ljublijana), Serbia (Novi Sad), Croatia (Zagreb) and Georgia (Tiblisi).
EMAC’s first fund, EMAC Illyrian Land Fund 1 (‘ILF1’), closed in June 2006 with commitments of€72 million and is now fully committed to investments in 15 development sites in Croatia, Slovenia, Serbia and Georgia, principally in the leisure and residential property segments. ILF1 is also listed on the CISX.
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.
Website: www.emac-global.com.