Several managers of Balkimo Property Partners will attend MIPIM 2009 to introduce the first Vulture Fund targeting South Eastern Europe.
"We will attend this years' MIPIM to introduce the first Fund that provides investors with an exposure to the distressed and foreclosed properties market in this part of the world" said Marin le Corre, Managing Director with the Fund. He added "The MIPIM event is a place of choice to meet decision makers and to present our new Fund" and "our track record in sourcing opportunities and the ability to manage them is a key element to the success of our fund".
Simon Piggott, Finance Director with the Fund, added "The sudden negative development of the local real estate market, is offering a unique window of opportunity. Existing real estate objects offered at a substantial discount against their historical value suggest superior momentum potential. Furthermore an experienced management team has been put in place to built on Balkimo's successful track record of sale, purchase and development in the region, adding value at all levels of the chain and this will be key for investors where no other institutional investment vehicles have ventured as of yet."
The fund is sponsored by Balkimo, an established development company operating for the past five years in the region with superior track record founded by Marin le Corre (a Former Vice-President Merrill Lynch Capital Markets, Geneva). Simon Piggott, previously Chairman and Director of the Boka Fund, the leading residential property fund in Montenegro has joined Balkimo as a partner to spearhead the new activity with Marin.
The Managers of the Fund will meet with leading investors keen in taking advantage of the unique window now existing in South Eastern Europe.