Acquisition of Investment Properties

Acquisition of Investment Properties

Revetas Capital Advisors LLP (‘Revetas’), a specialist real estate business and advisor to Revetas Capital Recovery Fund I L.P. (‘the Fund’) announces today the successful acquisition of two investment portfolios in Hungary and a property in Poland.

The Fund is focused on over-leveraged, distressed and under-performing opportunities in Central and Eastern Europe,

Having raised over half of its target capital, the Fund has started its investment programme by acquiring in Hungary two nationwide portfolios comprising 12 retail neighbourhood shopping malls totalling over 45,000 m2, and in Poland a 29,000 m2 mixed use office building in Krakow. The acquisitions involved a restructuring of existing debt held by four international banks active in the region. The values of the individual acquisitions are confidential.

The Fund expects to hold a second and final closing of the Fund in Q2/Q3 2014 together with a number of acquisitions currently under consideration.

Commenting on today’s announcements Mr. Assimakopoulos, Managing Partner of Revetas, said: “These are significant transactions by the Fund of some very attractive properties. These acquisitions validate our decision to launch a specialist firm capable of taking advantage of the substantial pool of over-leveraged and underperforming real estate assets in the CEE region. For many institutions who control such properties, Revetas’ expertise represents an increasingly attractive solution to the structural problems in the region’s real estate market left over from the financial crisis.”

Revetas is based in London and is regulated by the UK Financial Conduct Authority (FCA), while the Fund is regulated by the Guernsey Financial Services Commission (GFSC) and is a qualifying investor fund. Revetas has offices in UK (London), Slovakia (Bratislava), Romania (Bucharest), Austria (Vienna) and Poland (Krakow).

The Fund is targeting leading banks, investors and real estate owners in the CEE region to recapitalize, restructure, and de-lever their distressed real estate assets by combining its strong access to capital with a highly-experienced management team which has been active in the region for over a decade. Typically the Fund aims to acquire assets which are in need both of active asset management, and additional capital for building and tenant improvements.