The European Bank for Reconstruction and Development (EBRD) and Investkredit Bank AG announced this Tuesday a second capital investment of 300 million euros in Europolis, the real estate company of Investkredit Bank. Europolis is a portfolio of funds invested in real estate in Romania and other rising markets in the region.
This year, the Austrian Europolis group acquired the Cefin Logistic Park project for an estimated 65-70 million euros. Last year it paid 30 million dollars for the Europe House office building, which is home to the Orange headquarters.
"Under the name of E2, Europolis will create a regional portfolio of 15 to 20 projects. Europolis is already active in the new member states of the European Union, in Central Europe and Romania and Croatia; it will also expand to Bulgaria, Serbia and Montenegro, Bosnia-Herzegovina, Macedonia, Ukraine and Russia. Europolis will acquire, develop and manage a Class A real estate portfolio, and logistics and retail projects in the capital cities of these countries and regional centres," said EBRD representatives.
The 300 million euro capital for the expansion of Europolis will come from Investkredit Bank, which will provide 225 million euros, and EBRD, 75 million euros. The same two lending institutions made a similar capital investment of 300 million euros in 2001.
The value of the portfolio to be developed by E2 is estimated at one billion euros.
"Backing up the development of real estate deals is an important part of EBRD efforts to promote the transition of the region to the market economy," said Ralph Kinhirt, head of EBRD operations in the E2 deal. Over the past seven years, the Europolis group has grown to become one of the largest real estate companies in the region, managing a portfolio of 21 projects in Romania, the Czech Republic, Hungary, Poland and Croatia, with an estimated value of around 900 million euros by the end of this year.
The recent transaction between Europolis and Cefin first involved the acquisition by the Austrian group of the company developing Cefin Logistic Park, which is currently in the first of the three stipulated development phases.
Investments related to the second and third phases of Cefin Logistic Park project will be carried out by Cefin with funds provided by Europolis. It is estimated that the project will be completed within 3 years. adrian.mirsanu@zf.ro
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