Post by radovic on Dec 3, 2007 12:33:58 GMT -5
Serbia: Pioneer investors target real estate
EMonline
The Belgrade Pioneer Fund is aimed mostly at institutional investors.
The Serbian business community has had to overcome the country's association with civil war and economic crises. But it is now offering opportunities for property investment, according to Guernsey-based Argyll Investment Services.
The firm has launched the Belgrade Pioneer Fund, one of the first funds to invest in Serbian real estate, with a particular focus on the country's capital.
"Mentioning Serbia usually conjures up memories of civil war, hyperinflation and the regime of Slobodan Milosevic. Despite the continued uncertainty over Kosovo's future, the reality of Serbia today is markedly different from that description.
There is increasing political stability, including in external affairs, which is providing the foundation for strong economic growth," said Stuart Place, a director of Argyll. The Belgrade Pioneer Fund is aimed mostly at institutional investors. "But we hope to launch another fund next spring which will probably be listed on London's Alternative Investment Market, which will allow retail investors to buy shares," he added. The Pioneer Fund sets a minimum investment of EUR 15,000 and is expected to raise EUR 10mn.
It will invest mainly in residential property, and will only borrow to a maximum 30% of asset value, mainly to fund developments. Argyll pioneered the region by launching the property fund Montenegro Investments Ltd in 2005.
The fund is quoted on the Channel Island Stock Exchange and its net asset value has risen 65% since launch. Guernsey-based service providers to the new Serbian fund include administrators Bordeaux Services, bankers Kleinwort Benson, auditors KPMG and legal advisers Carey Olsen. (Serbia & Montenegro Today)
EMonline
The Belgrade Pioneer Fund is aimed mostly at institutional investors.
The Serbian business community has had to overcome the country's association with civil war and economic crises. But it is now offering opportunities for property investment, according to Guernsey-based Argyll Investment Services.
The firm has launched the Belgrade Pioneer Fund, one of the first funds to invest in Serbian real estate, with a particular focus on the country's capital.
"Mentioning Serbia usually conjures up memories of civil war, hyperinflation and the regime of Slobodan Milosevic. Despite the continued uncertainty over Kosovo's future, the reality of Serbia today is markedly different from that description.
There is increasing political stability, including in external affairs, which is providing the foundation for strong economic growth," said Stuart Place, a director of Argyll. The Belgrade Pioneer Fund is aimed mostly at institutional investors. "But we hope to launch another fund next spring which will probably be listed on London's Alternative Investment Market, which will allow retail investors to buy shares," he added. The Pioneer Fund sets a minimum investment of EUR 15,000 and is expected to raise EUR 10mn.
It will invest mainly in residential property, and will only borrow to a maximum 30% of asset value, mainly to fund developments. Argyll pioneered the region by launching the property fund Montenegro Investments Ltd in 2005.
The fund is quoted on the Channel Island Stock Exchange and its net asset value has risen 65% since launch. Guernsey-based service providers to the new Serbian fund include administrators Bordeaux Services, bankers Kleinwort Benson, auditors KPMG and legal advisers Carey Olsen. (Serbia & Montenegro Today)