Eastern European Property Regulatory News (EEP)

23 Nov 2006 15:32

Eastern European Property Fund Ltd23 November 2006 EASTERN EUROPEAN PROPERTY FUND LIMITED ACQUISITION Eastern European Property Fund Limited ("EEPF") has acquired a further propertyon Istiklal Street, Istanbul for approximately US$ 3.2 million, in cash. Theproperty, which was built in 1894, has a street frontage of 7 metres andincludes a retail shop. The building has a gross area of 966 sq m with a terraceincluded on the top floor. The shop is currently let to an established localoperator. It is the intention of EEPF to carry out refurbishment works prior toletting the upper floors of the building and renegotiating the shop tenancy. EEPF, which raised £20 million earlier this year, has invested approximately £4million to date in acquiring 3 properties and is in active discussion on anumber of other property purchases. Charles Parkinson, Chairman of EEPF, commented "finding stock of appropriatequality has proved difficult in very competitive markets, but the Company is inadvanced negotiations with a number of vendors and hopes to be able to announcefurther acquisitions in the near future." For further information contact: Elysium Fund Management Limited 2nd Floor No. 1 Le Truchot St Peter Port Guernsey GY1 3JX This information is provided by RNS The company news service from the London Stock Exchange