“A partnership with the American investment bank is also possible, although it is too early to discuss this possibility at this moment. Lehman Brothers has an appetite for increasing its presence on the Romanian market, but I suppose they will make a decision in six months,” Popp said.
Impact is looking for partnerships to finance the first stages of various parts in three mixed projects worth EUR 2.5 billion in total. They are Dealul Lomb in Cluj, a mixed project in Ghencea and another project in north Bucharest. Impact expects to achieve an average of 35 percent return on investment on the projects built in partnership. “Our future partners should have at least EUR 3 billion in market value and a turnover of EUR 1 billion,” said Popp.
Impact, which is the only construction company and developer to have floated on the Bucharest Stock Exchange, could sell more of its shares in order for Popp to cover his stake in the recent capital increase. “I will sell more, but I don't know when,” said Popp.
Lehman Brothers Real Estate Partners has recently bought 3.09 percent of Impact's shares thorough a BSE transaction. The investment has paid $10 million for the minority share package in Impact.