12th Mar 2007 10:29
Eastern European Property Fund Ltd12 March 2007 Eastern European Property Fund Limited ("EEPF") Acquisitions The Board of EEPF is pleased to announce the acquisition by the Company of twofurther properties in Istanbul for an aggregate amount of £1.8 million. Passage Building The purchase of the controlling portion of a second traditional passage buildingwhich adjoins the Oriental Passage previously acquired by EEPF provides asignificant opportunity to add value to both properties. Providing an additional310m2 of retail space it is anticipated that an initial yield of approximately8% will be achieved. Beyoglu Shops A centrally located parade of 3 shops which is being newly refurbished has alsobeen purchased in the Beyoglu area of Istanbul. Each shop will provide 274m2 ofretail space over two floors and rents are expected to provide a yield of circa14%. Update on Portfolio EEPF further announces that substantial progress has been made in respect of itsexisting refurbishment projects and that the 6th Floor Misir Apartment purchasedin July 2006, the first of these to be completed, is now fully let and willprovide an initial yield of 9.5% rising to 11% in a year. The key tenant of theOriental Passage building, EEPF's flagship property in Istanbul, has also beenidentified and rents have been agreed at a level in excess of forecasts. The Chairman comments that "the Board is delighted that EEPF, which raised £20million in March 2006 has fully committed the funds raised (before gearing andoperating expenses) within its first financial year. EEPF is currently puttinggearing into place in order to fund further acquisitions". For further information contact: Elysium Fund Management Limited2nd FloorNo. 1 Le TruchotSt Peter PortGuernseyGY1 3JX This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Eastern European Property