In 2007, London-listed investment funds were, together withAustrian investors, among the most aggressive in terms ofacquisitions. A ZF survey conducted three years ago showed a seriesof funds had reached a Romanian portfolio of almost 1bn euros.Meanwhile, the Romanian market seems to be a lost wager for most ofthem. The British funds have completely changed their perception,from a market with "potential" to "a difficult one, not set to pickup soon". Equest Balkan Properties has two Bucharest properties ata loss in the past two months sold to raise cash as most projectsin the portfolio have coped with difficulties as regards tenants.Another British investor that chose to sell during this period isCarpathian. "(...) The Romanian market is still fragile, with lowliquidity," this is how Carpathian justified its exit. The onlyBritish fund that managed to sell Romanian properties at a profitis European Convergence Property Company (ECPC), managed byCharlemagne Capital. It thus made 20m-euro profit within a year bybuying and selling three properties at the right time.
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