Equest Balkan Properties sells car park project in Bucharest

London Stock Exchange listed investment fund Equest Balkan Properties (EBP) has sold its car park project in Bucharest, although the project is still not yet started. The buyer, investment fund Hilburg International Limited, has paid EUR 500,000 for the car park project, together with a EUR 320,000 provision to a local authority which releases the security previously provided by EBP. The price paid for the project equals the valuation of the investment as of June 30 last year. However, the f

und had initially invested around EUR 2.7 million in the project back in 2007. EBP used to own 75 percent in the firm owning the Euro Car Park project. The cash proceeds will be used by EBP to strengthen its working capital and completion of the sale is expected in early January.

This is the second such sale for Equest, after disposing of a mixed use development site in Belgrade for Sunville Corporation. The fund received EUR 1.9 million in cash for the project, while the buyer took on a EUR 20.8 million debt.

Euro Car Park holds a 49-year land concession on a site in the 3rd district of central Bucharest and the rights to develop an 800-space, multi-storey car park with around 10,000 sqm of office and retail space, according to the fund. 

Corina Saceanu

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