London-listed real estate funds freeze deals on Romanian market

Apart from two land acquisitions, with a cumulated value of ten million euros, the most important funds listed on the AIM market in London with operations in Romania - Argo Real Estate, Dawnay Day, Equest, Fabian, ECDC and ECPC controlled by Charlemagne Capital, have yet to seal any new transactions amid the global real estate market crisis that has also hurt the Romanian market. Each of the five companies have continued to develop projects for which they had already bought land, but it was only Fabian and Equest that closed new acquisitions. Additionally, the total value of properties included in these companies' portfolio dropped after Charlemagne last year operated the first exit of an investment fund from the Romanian market, after selling the three office buildings it owned. Onc e these investors' activity in Romania declined, much stronger players started entering the market.