EBRD puts zł.50 million into BPH fund
The złoty-denominated fund has a total value of zł.330.6 million and includes pension funds, insurance companies and retail investors. It should be listed on the Warsaw Stock Exchange later this year.
The fund will focus for the most part on medium-sized commercial properties, such as offices, retail outlets, warehouses, business parks and outsourcing centers.
Up to 30 percent of the fund may be spent in other countries in Central and Eastern Europe.
The BPH property fund was set up and is managed by BPH Towarzystwo Funduszy Investycyjnych, a Polish management company majority owned by Bank BPH SA, which is Poland's third-largest bank in terms of assets. Bank BPH is majority owned by HVB Group.
Ilaria Benucci, EBRD's director for property and tourism, said the fund will provide domestic and international investors with the opportunity to invest in real estate in a market with growing demands.
The EBRD's participation should strengthen the development of market standards and has been welcomed by institutional investors.
Up until March this year, the EBRD had signed 140 projects in Poland, totaling E3.2 (zł.13) billion. An additional E7.9 (zł.32) billion has been mobilized with a total of 83 percent of projects in the private sector.
The fund will focus for the most part on medium-sized commercial properties, such as offices, retail outlets, warehouses, business parks and outsourcing centers.
Up to 30 percent of the fund may be spent in other countries in Central and Eastern Europe.
The BPH property fund was set up and is managed by BPH Towarzystwo Funduszy Investycyjnych, a Polish management company majority owned by Bank BPH SA, which is Poland's third-largest bank in terms of assets. Bank BPH is majority owned by HVB Group.
Ilaria Benucci, EBRD's director for property and tourism, said the fund will provide domestic and international investors with the opportunity to invest in real estate in a market with growing demands.
The EBRD's participation should strengthen the development of market standards and has been welcomed by institutional investors.
Up until March this year, the EBRD had signed 140 projects in Poland, totaling E3.2 (zł.13) billion. An additional E7.9 (zł.32) billion has been mobilized with a total of 83 percent of projects in the private sector.
