Balkans – Equest Balkan Properties plans to list its shares on AIM, giving investors the opportunity to buy into property markets in south-eastern Europe. The fund will focus mainly on retail, office and industrial assets in Bulgaria and Romania. It will also look at assets in Albania, Bosnia and Herzegovina, Croatia, the FYR of Macedonia, Serbia and Montenegro and Turkey. The company expects a target yield of 7.5% once the proceeds of the placing are fully invested, rising to 10% over time.
Up to 140 million shares are to be placed in December, at a price of £1 a share. Equest Capital Management is acting as investment manager, with Equest Partners as investment adviser. Equest is one of the largest dedicated investment companies in Bulgaria and has committed around €100 million there so far.
Turkey – Specialist emerging markets fund manager Charlemagne Capital is launching a sterling class of share for its Maga Turkey fund. The fund was originally launched in December 2004. It has risen 43% in euros so far in 2005, compared to its benchmark, the MSCI Turkey Total Net Return Euro Index. The fund will not generally be hedged into sterling.
UAE – Gulf Capital has received initial approval from the UAE’s economy and commerce ministry to set up a Dh500 million private equity firm to be called Gulf Capital. The firm plans to do pre-IPO business across the Gulf Cooperation Council countries.
UAE investors make up 60% of Gulf Capital’s equity, with the remainder coming from elsewhere in the region.
Russia – The country’s railway monopoly, Russian Railways, successfully sold R15 billion of five- and seven-year bonds last month, despite tough market conditions.
