Wed, 08/03/2006 - 07:00
Nascendo Property Partners is a launching a Western Balkans Property Fund providing investors with a wide range of diversified country and sector opportunities.
Managed by Martin Le Corre a former Vice-President Merrill Lynch Capital Markets in Geneva, the fund will focus on Albania, Croatia, Kosovo, Macedonia, Serbia and Montenegro, and Bosnia and Herzegovina and will combine both real estate development and real estate investment in several sectors including retail, residential and industrial.
Nascendo is looking to raise EUR 150 million through the new fund and generate consistent capital returns of +15 per cent per annum made up of a combination of capital appreciation of the underlying assets, rental income, dividends and interest. Management fees will be 1.9 per cent, plus 20 per cent carried interest and the fund will have an AIM listing or be structured as a limited partnership with a term of 10 years. International property valuation experts will provide NAV statements, while Nascendo also plans to appoint a leading firm as internal accountant/auditor.
The region has a population of some 27 million, is experiencing buoyant economic growth of +6 per cent per annum GDP, and is currently enjoying a promising boom in construction, all factors which Nascendo believes will help drive the fund's investment return. In addition a Stabilisation and Association Agreement has already been signed paving the way for EU membership.
Le Corre, who holds a Master's degree in Finance and BA of Commercial Law from Paris University, has past experience in the Western Balkans property market having co-founded Balkimo, a leading Albanian Real Estate Agency.
Other key members of the Nascendo management team include Nuri Shafiq, a consultant for the US Agency for International Development on several projects in Albania and the owner of United Transport, the service provider for UPS in Albania, as well as Christian Canacaris, a Vice-President and Member of the Board of the largest bank in Albania.
'The objective of the management team is to provide investors with superior return through investments in properties in the Western Balkans,' says Le Corre. 'Real Estate markets in the Balkans have experienced positive growth and an increasing inflow of capital from global investors. We believe that the Western Balkans will be next to experience a similar growth.'
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