UK property fund goes bargain hunting in CEE with £200 million to spend
23rd January 2009
UK Commercial property fund First Property Group Plc aims to invest up to £200 million over the next two years in central and Eastern Europe.
The fund announced that it planned the move in the wake of heavily discounted commercial property deals in the region - and it believes the next two years will be an excellent time to go bargain hunting.
"All sellers on the market now are distressed and need to raise cash so this is a brilliant time to buy; you just name your price," Chief Executive Officer Ben Habib told Bloomberg.
Habib added that the London-based company had access to £200 million made up of cash and credit channels.
Over the last 18 months the company - which has almost 90% of its assets in Poland - has also been looking at 'snapping-up fantastic' deals in the Czech Republic, Slovakia and the UK.
It is currently working on a €50 million deal in Poland, the Czech Republic and Slovakia as well as one to buy a £4 million UK shopping centre, Habib added.
Robin Bowman
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