British real estate company Charlemagne Capital has acquired 50 per cent of the residential project Asmita Gardens in...
British real estate company Charlemagne Capital has acquired 50 per cent of the residential project Asmita Gardens in Bucharest.
The project has a total value of EUR 110 million. It will consist of 788 flats in the Splaiul Unirii-Calea Vacaresti area, near Dambovita River. According to market sources, the British company paid EUR 10 million for its stake in the project.
"Asmita will be handling the management and development of the project and Charlemagne will take care of the funding. The transaction has an equity component, whereby Charlemagne bought the 50 per cent stake, and a funding component that indicates Charlemagne will commit the necessary funds to run the project," said Vlad Busila, partner with investment firm Capital Partners, the broker of the deal and of the funding for the Asmita Gardens project.
The complex will be constructed by Austrian company Strabag, while Colliers will be the real estate broker.
"We will deliver all the flats in the first phase of the Asmita Gardens project by September 2008. We will continue to develop residential and office projects on the capital city market in the next few years and Charlemagne Capital will be first on the list of choices for partners to run our projects," James Anthony, manager and shareholder of Asmita SA, told business newspaper Ziarul Financiar.
Charlemagne Capital is a British fund best known for its expertise in the markets of Emerging Europe and Russia and has a team of investment professionals dedicated to this region. In Bucharest, The company has acquired this year three Class A office buildings: the Millennium Business Center, PGV Tower and Construdava.