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Economic Overview

The SEE Property Fund will focus on specific Western Balkans countries. The Western Balkans is the term used by the European Union for the sub-region comprising Albania, Bosnia Herzegovina, Croatia, Macedonia, Montenegro and Serbia as well as Kosovo. With the exception of Albania, the countries of the Western Balkans were formerly constituent republics of the old Federal Republic of Yugoslavia. The directors believe that Croatia is already a maturing residential market and that Bosnia Herzegovina is without potential and as such they will focus on the remaining countries.

The Directors believe that there is a substantial demand/supply imbalance of quality, western-style Commercial Real Estate projects in the Region built to an institutional investor standard. Furthermore, while certain emerging markets have been suffering from decreased economic growth and currency instability, the Fund targeted countries have low integration into the global economy which keep them immune from the actual crisis as such these countries will have positive GDP growth for the next years (World Bank forecast).

Other arguments for these countries included the emergence of a middle class, of tourism and of a logistic hub as well the inflow of capital (World Bank, EBRD, EIB,...), the outlook of European Union and NATO membership and superior macroeconomic fundamentals.

The Fund target is to deliver consistent capital returns in excess of 25% p.a.

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