Eastern European Property Regulatory News (EEP)

20 Dec 2006 16:32

Eastern European Property Fund Ltd20 December 2006 EASTERN EUROPEAN PROPERTY FUND LIMITED ACQUISITION Eastern European Property Fund Limited ("EEPF") has acquired a further propertyin Istanbul for approximately Euro 9.2 million, in cash. The property whichcomprises a gross internal space of 3,100 square metres (including mezzanine)over 5 floors is a passage building linking Istiklal Street and AmasalimescritStreet. In addition there are 4 basement floors which provide a further 1,495square metres of car parking space. The building is located close to a number ofconsulates and embassies as well as the new metro station which is due to openin 2007. Originally built in the 1890's the building was renovated approximately 4 yearsago and little further work is required prior to letting. It is proposed thatthe building will have a mix of retail, leisure and office use. EEPF, which raised £20 million earlier this year, has invested approximately£11.7 million with a further £2 million committed in acquiring 5 properties andcontinues active discussion on a number of other property purchases. 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 Exchange