Eastern European Property Regulatory News (EEP)

11 May 2006 15:05

Eastern European Property Fund Ltd11 May 2006 EASTERN EUROPEAN PROPERTY FUND LIMITED - FIRST ACQUISITION Eastern European Property Fund Limited ("EEPF") announces the acquisition of aproperty on Susam St, Cihangir, Istanbul, for US$1.25 million. Susam St. is an established and cosmopolitan street and is located in theBeyoglu area of Istanbul which is the city's major commercial centre. Theproperty which was built in 1904 is situated in a mixed use area consisting ofshops, offices and residential accommodation. The building has a total area of 519 square metres arranged over six floors andan annex. Unusually for a property in this area it also has a large rear gardenand garage space. Currently in need of internal renovation it is the intentionof EEPF to renovate to a high standard prior to letting the property as officeaccommodation with a bar/restaurant situated over the garage. EEPF, which commenced trading on AIM on 23rd March 2006 was formed to establisha property investment portfolio in Bulgaria, Romania, Turkey and Ukraine. EEPFintends to invest in a range of office, retail, industrial and residentialproperties in the target countries. For further information contact: Collins Stewart Fund Management Limited2nd FloorNo. 1 Le TruchotSt Peter PortGuernseyGY1 4AE This information is provided by RNS The company news service from the London Stock Exchange