A fund designed to invest in prime land in Slovenia, Croatia and Serbia & Montenegro has raised €72m from UK and US investors and institutions.
The private placement for the Emerging Markets Advisory Corporation’s Illyrian Land Fund was increased in size from an initial target of €40m to €72m, due to investor demand.
The shares are unlisted, but EMAC, which focuses on investment banking and commercial opportunities in central and eastern Europe, intends to float the fund.
Matthew Gilpin, EMAC partner, said: “This is a new type of fund, targeting substantial capital growth rather than income-yielding assets.
“By concentrating on land, as opposed to property development, we are able to move swiftly and match the best buyer for each site, without the increased risk and capital commitment of developing the sites ourselves.”
The closed-ended fund is incorporated in Jersey.
References: EGi News 13/04/06
