Eastern European Property Fund (EEPF) has spent €14m (£9.38m) acquiring properties in Bulgaria and Turkey.
The fund entered the Bulgarian market with the purchase of a €4.8m (£3.22m) mixed-use scheme in Sofia.
The five-storey property, located on George Washington Street, will provide mixed office and retail use with underground parking.
Payment will be made to the developer in stages as the work on the building is completed. Completion is scheduled for the end of the first quarter 2007.
The fund has also paid €9.2m (£6.16m) for a mixed-use property in Istanbul, Turkey.
The five-storey building, which links Istiklal Street and Amasalimescrit Street, comprises retail, leisure and offices.
EEPF, which raised £20m earlier this year, has invested approximately
£11.7m in its core markets of Turkey, Romania, Ukraine and Bulgaria.
The fund has a further £2m committed in acquiring 5 properties and continues active discussion on a number of other property purchases.
References: EGi News 21/12/06
