Businessman Dinu Patriciu, who has made most of his money from the petroleum business, has lately turned towards real estate, where he has undertaken a 55 million-euro investment in taking control of two investment funds (Deutsche Land and Rutley European) with properties mainly in Germany, put at 1.1 billion euros, but also with almost one billion euros in debt at the end of last year. In case of a new decline in the market value of the portfolio, by 10-15%, the credit level could exceed the value of the properties. According to the latest Forbes ranking, Dinu Patriciu's wealth was put at around 1.3 billion euros (1.8 billion dollars). Patriciu's first acquisition target is Deutsche Land fund, where he has already become the principal shareholder, with a 29.9% stake, after buying the bulk of the company's new shares. The billionaire became a shareholder of the German company via Black Sea Global Properties, which at the beginning of this year bought Fabian investment fund, which held 11 properties in Romania (offices and residential space), but also had 76 million euros in debt. The second company for which Patriciu made an offer is Rutley European Property, with 507 million euros in debt and with a market value estimated at 521 million euros. Patriciu could pay 14.7 million euros to fully take over the fund, which holds properties both in Germany and in Belgium, the Netherlands, Poland and Sweden.
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