Julius Baer fund takes over 7% in Intercontinental

The biggest investor on the Romanian Stock Exchange, the American-based Julius Baer International Equity Fund, bought 7.52% in the shares of the hotel operator Intercontinental (RCHI), which owns the hotel by the same name in the centre of the Capital. The investment fund paid around 5.1 million euros for the stake. Julius Baer was the main buyer of the stakes sold last week
by a group of investors acting together; which included businessman Viorel Paunescu, who, together with the Paunescu family, controls the Intercontinental company. The group of investors sold 12.4% of Intercontinental. The shares of Intercontinental have seen a significant rise lately, due to information surfacing that there were investment funds interested in taking over the company, as the hotel is one of the most valuable real estate assets in Bucharest.