Foreign fund buys 1% in Property Fund

A foreign investment fund acquired over 100 million shares in the Property Fund (FP) in early August, this year's largest purchase involving FP shares. The stake amounts to around 0.7% of the fund's capital, with the investor holding an over 1% interest in the wake of the deal. The transaction amounted to over 22 million RON (5.2 million euros), at a price per share accounting for 22% of the nominal value (1 RON) of an FP share, according to market sources. The seller was one of the three individuals that hold over 1% in the Fund. Data on transactions involving FP shares are uncertain, and official reports do not include the price of shares and the identity of the shareholders, buyers and sellers. Brokers declined to reveal the identity of the investment fund, specifying only that it had been investing on the Bucharest stock exchange for several years now. Investors making significant acquisitions in the Property Fund include the Special Opportunities fund, managed by Swedish company East Capital, one of the largest investors on the Bucharest Stock Exchange. The Property Fund posted a 167.8 million-RON (40 million-euro) net profit in the first half of the year and has 11.1 billion RON (2.62 billion euros) in assets, of which 1 billion RON in cash.