EMAC Illyrian Land Fund raises Euro 72 million
Fund size increased by over 80% due to investor demand
Fund to Invest in prime South Eastern European land
10 April 2006
London - Emerging Markets Advisory Corporation (EMAC) today announced that it had completed a private placement for the EMAC Illyrian Land Fund Ltd (“the Fund”) and has raised Euro 72 million from UK investors and institutions. The Fund is a new closed-ended land investment fund, incorporated in Jersey, focused on exploiting selected real estate land trading opportunities throughout South Eastern Europe. The three principal countries in which the Fund will operate are Slovenia, Croatia and Serbia & Montenegro - the key transport and trade route axis of South Eastern Europe and the most substantial growth opportunities in the Former Yugoslav Republics.
The private placement was increased in size from an initial target of Euro 40 million to Euro 72 million, due to investor demand. The shares are currently unlisted, but it is the intention of the Fund to seek a stock market listing in due course.
The majority of the Fund has been raised from UK and US institutional investors and asset managers.
Comment
Matthew Gilpin, EMAC Partner, said:
“This is a new type of fund, supplying a wholesale developed market product into fast growing emerging markets, targeting substantial capital growth rather than yielding assets.
“The strong level of demand for this placement highlights the appetite among institutional investors for access to the growth potential of some of Europe’s most exciting developing markets. EMAC’s unique approach, drawing on the best local and international expertise, gives us a real advantage in these fast moving markets.
“The Illyrian Fund combines the very best of UK investment expertise with local market experience and execution. By concentrating on land, as opposed to property development, we are able to move swiftly and match the best buyer for each site, without the increased risk and capital commitment of developing the sites ourselves. We understand what international developers and investors are looking for, and have the network and contacts on the ground to deliver the best opportunities.”
David Stewart Howitt, EMAC Partner, said:
“Following the lead of Poland, Hungary and significantly Slovenia, the EU convergence path for Croatia and Serbia & Montenegro appears well set. These countries offer outstanding long term European commercial leisure destinations, both in terms of diversity and quality, and have enjoyed consistent domestic growth since 2001. This growth has been underpinned by a high quality labour force and a strongly reformist political agenda. This is demonstrated by the fact that Serbia & Montenegro was heralded as the Top Reformer in the World Bank’s "Doing business in 2006" Report, and Belgrade was nominated by FDI as a European City of the Future.
In summary, these countries offer high growth opportunities, are stable and firmly positioned to join the European Union.”
For further information: |
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Capital MS&L |
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| Claire Maloney | 020 7307 5341 / 07770 958479 |
| Annabel O’Connor | 020 7307 5339 / 07711 608747 |
About EMAC
Emerging Markets Advisory Corporation Ltd focuses on the unique opportunities for investment in Central & Eastern Europe. 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 management company, EMAC Management Ltd is regulated by the Jersey Financial Services Commission.
Website: www.emac-global.com.