Asset Managers Update for Romanian Dynamic Property Fund LP October PERLA RESIDENCE II, BUCHAREST Quality homes in Romania s capital
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1 Asset Managers Update for Romanian Dynamic Property Fund LP October 2008 PERLA RESIDENCE II, BUCHAREST Quality homes in Romania s capital KEY FEATURES Prime residential area in North Bucharest 52 apartments in exclusive, lakeside development Located in Bucharest s new business district The Fast capital access to of ring Romania road and is expected new motorway produce the highest output growth ever measured 28% discount in E-REGI from the over independent the five evaluation years 2006 by DTZ Completion October 2010 Jones Lang La Salle, European Regional Growth Index 2006
2 Contents Why invest in Romanian property Fundamental drivers remain positive 3 Strong economic performance continues 3 Surging international investment 4 Infrastructure expansion 4 EU accession, a catalyst for property price growth 5 Why invest in Bucharest The economic force behind Romania s growth 6 Chronic supply shortage 6 Rapid expansion 6 Soaring property prices 6 About The Development Introduction 7 Key investment benefits 7 Target Market 7 The apartments 8 The Clubhouse 8 The Mini Market 8 The Fitness Centre 8 Summary technical specifications 8 The Developer 9 Location benefits 10 Location maps 11 Site plan 12 Work in progress 13,14 "We believe that Romania s strong demand for quality real estate provides an attractive opportunity to expand our investment platform in central and eastern Europe." John Carrafiell, Head of Real Estate Investment, Morgan Stanley New found prosperity has arrived in the Romanian market. Stability and economic revival mean that its real estate market can now be classified as a flying tiger." Christopher Shonn, NAI Global "Considered by many the most beautiful country in Eastern-Europe, Romania still claims regions that seem bastions of a medieval past long since lost elsewhere." Fodor's Eastern and Central Europe 2
3 Why invest in Romanian property? Fundamental drivers remain positive Successful investors base their investment on fundamental factors such as economic growth and outlook, demographic changes, demand and supply, salary forecasts and fiscal advantages. Companies such as Deutsche Bank recognise that the fundamental market drivers for Romania remain unchanged and the country offers a solid investment destination. Private investors can be reassured that the market continues to offer superior returns and opportunities. Deutsche Bank behind Romania s biggest property deal RREEF has completed the biggest property purchase in Romanian history. The property fund management arm of German bank Deutsche Bank has paid 341m ( 271m) for a mixed commercial and residential development portfolio in the Pipera area of Bucharest. Source: Property Week, 23 May 2008 Strong economic performance continues Romania s economic transformation continues to be one of the most impressive in Europe. After delivering an average 6.18% growth per annum between the economy is not showing signs of slowing down two years into EU membership. In 2007 Romania s GDP increased by 6% 2 and according to The Economist, Romania will continue to enjoy sustained growth, averaging 5.06% annually for the next three years 3. Central Bucharest view Romania in numbers Population: 21.6 million 3 x the population of Bulgaria 2 x that of Hungary The 7th largest EU country GDP by sectors: agriculture (10.1%) industry (35.0%) services (54.9%) Largest oil and gas producer in CEE The 8th biggest wine producer in the world Source: Eurostat According to the Ernst & Young South- East Europe Attractiveness Survey 2008, Romania continues to be the most attractive destination for investment in SouthEast Europe, attracting strong investor interest in high value-added activities. Source: 3
4 Why invest in Romanian property? Surging international investment Blue chip multinationals are increasingly drawn to Romania by a compelling combination of factors, including: Market size: a customer base of over 22 million people, the 2nd largest in CEE Cultural accessibility: English, French and German are widely spoken Cost advantage: labour costs are still amongst the lowest in the EU Tax advantage: the Romanian fiscal system offers an attractive tax incentive, with a flat 16% tax on personal or corporate income Companies such as Renault, Nokia, Oracle, Vodafone, Amazon, Microsoft, Siemens along many others have all selected Romania for their regional headquarters. Accumulated FDI in Romania Source Romanian Agency for Foreign Investment Romania is one of our priorities in terms of investments in this region. The dynamic specialists who provide support and consulting services for our customers and partners have made this one of the most important Oracle Centers in EMEA. Safra Catz, Oracle President and CFO Leading international investors in Romania Nokia Microsoft IBM Hewlett Packard Oracle Renault Ford General Electric Pirelli Continental Eurocopter Amazon.co.uk Siemens IKEA Carrefour Orange Vodafone Glaxo Smith Kline Infrastructure expansion During the next five years Romania will add over 2,000 km of motorways to its transport network, including Transylvania highway: 415 km Pan European Corridor 4: km Bucharest - Brasov motorway: 164 km Other infrastructure projects include Expansion of the country s major international airports Fast train link between Bucharest and Constanta Construction of ring roads around all the major cities 4
5 Why invest in Romanian property? EU accession, a catalyst for property price growth Historic data demonstrates that property prices in new EU member states rose steadily for many years after joining. The UK, Ireland, Portugal and Spain are all notable examples of the sustained impact EU membership has had on property market values. Property prices pre and post EU accession Romania is one of our priorities in terms of investments in this region. The dynamic specialists who provide support and consulting services for our customers and partners have made this one of the most important Oracle Centers in EMEA. Source: Savills PLC 5
6 Why invest in Bucharest We expect that apartment prices will continue to increase at a rate of 15-20% for the next 2-3 years. Good quality projects will experience higher growth rates, while others, in less attractive neighbourhoods, might not see any price growth. The demand for luxury units will also grow, alongside the rapid growth of the Romanian upper class. As well as luxury apartments in Bucharest, holiday homes in luxury resorts by the sea or mountains will also prove to be popular. Colliers International Real Estate Review, Romania 2007 The economic force behind Romania s growth Bucharest accounts for over 20% of Romania s economic output, whilst representing less than 10% of its population. GDP growth in 2006 was 9% GDP growth in 2007 was 7.2% and for 2008 the forecast is 6.8% Unemployment: 2.7% in 2006 Chronic supply shortage The estimated shortage of property in Bucharest currently stands at approximately 300,000 units The building capacity is less than 15,000 a year Rapid population expansion The population is growing rapidly, as large numbers of Romanians move to the capital for education, jobs and a modern living standard. This increases demand for property and prices will follow the trend. Long term property trend Property price growth in 2007 was 30% Property analysts agree that for the next three to five years property prices in Bucharest will continue a double digit rise. 6
7 About the development Introduction Perla Residence is a luxury development in one of the most exclusive residential districts in North Bucharest, Pipera. It boasts superb lake views, a fitness centre, a mini market, underground parking and Perla Chillout, the coffee house and bar. Perla Residence contains two phases, Perla I, with 82 apartments and 3 villas, and Perla II, with 52 apartments. Construction of Perla I is expected to be completed in December 2008/January Construction works on Perla II are in progress and completion is scheduled for October Key investment benefits 28% discount to Open Market Value as per DTZ s valuation Deposit payments secured by bank guarantee Close to airport, ring road and new motorway Close proximity to large office community in North Bucharest; according to Colliers Romania Report 2007, 62% of new office development is in the northern areas of Pipera and Baneasa Pipera is an established residential area popular with affluent Romanians and expats Contemporary design, secure, gated compound, on the lake Good communal facilities i.e. fitness room, mini market, clubhouse Strong predicted growth rates for Romanian property 15-20% p.a according to Colliers Manageable number of units to sell Able to forward sell with the developer s operational support Target market The target market consists of upper-middle class Romanians employed in North Bucharest. As a result of the significant office and commercial developments in Pipera, we expect a large number of professionals to move to the area, looking to live nearer their place of work. This influx of professionals should attract both buyers and tenants to the area, and we believe that there will be strong rental and resale demand for apartments in Perla Residence. 7
8 About the development The apartments Perla Residence II contains four medium rise (up to 5 storey) buildings totalling 52 residential units, 98 underground parking spaces and storage units and spaces for visitor parking The unit mix and sizes are shown below: No. of bedrooms No. of units % of total Size (m 2 ) 1 bed bed Perla Clubhouse 3 bed The Clubhouse This consists of over 200 m 2 facing the lake and is split in two main areas. The clubhouse will have a lounge area with a fire place, a bar, outdoor decks for the summer and large windows offering lake views. The mini market This will measure 83 m 2 offering the basic items that the residents might require, e.g. foods, beverages, toiletries, etc. There will also be a small office area for the employees of Q-REIS Ltd (the management company). Perla Clubhouse The fitness centre This will provide 123 m 2 of fitness space exclusively for the use of residents. It will incorporate large windows facing the grounds and will be fully equipped with universal machines and free weights. Restrooms and changing facilities will also be available. Summary technical specifications Marble floors in common areas Triple layered wood flooring Ceramic tiles for the kitchen, bathroom and WC floors Porcelain bath, basin and WC unit Ceramic tiles on the terraces PVC framed doubled glazed windows Air conditioning unit as standard in the living room Anti beak-in metal door with metal frame Landscaping throughout development Perla fitness centre 8
9 About the development The developer The developer of Perla Residence is SC Crown Constructions SRL, a Romanian subsidiary of Morphy SA, a well established Greek developer with experience spanning few decades. The parent company MORFI SA ( was established in 1959 and has completed over 100 developments in Greece. The company has been present in Romania since 2005 and has ambitious expansion plans. The Romanian office is located in North Bucharest, close to Perla Residence. Current projects include two villa developments in Corbeanca, an affluent suburb north of Bucharest and a mixed use office and residential development in Floreasca, a sought after neighborhood in the centre of the capital. The company's stated objectives are the complete and constant satisfaction of the customers, warm human relations and at the same time creations of top aesthetics and quality. 25 executives compose the parent company, while nearly 200 workers are employed on their building sites. 9
10 About the development: location continued Perla Residence is situated on the shores of Pipera Lake less than 10Km from the city center. The area of Pipera is a new expansion of Bucharest and is regarded as one of the most affluent in Bucharest. It is well known locally for private schools and nurseries, e.g. The American School and The British School, some prominent residents including footballers, athletes and celebrities. Pipera is popular with senior managers, skilled professionals, business people and expats. Location benefits Within 3 miles of over 1 million m 2 of new A Class office space development, including the offices of Renault, Porsche, Vodafone and ERSTE Bank. Aurel Vlaicu Airport Three miles to Baneasa Technology and Business Park and Baneasa Shopping City, the biggest shopping centre in the city. Despite an expansion of new office developments across Bucharest, the North remains the most in demand area. 63% of the total new office space currently being built in the capital is in the areas of Pipera and Baneasa. Source: Ziarul Financiar, September 07 Baneasa Shopping Centre International Airports are also conveniently located: Baneasa within 4 miles and Otopeni international airport within 7 miles. Proximity to the exclusive American School, British School and Mark Twain School Shopping centers and supermarkets close by Mega Image supermarket 1km Jolie Ville Shopping Centre 3.5 km Baneasa Shopping city 5km Fitness centers World Class 1.5 km Atlantic Club 1km Other facilities include Two petrol stations (OMV and Petrom) Six restaurants less than 1 mile Medical clinics: Biomedica 1.5km Bucharest underground 10
11 About the development: location continued Transport links Bus and Maxi-taxi stops - 800m Pipera underground within 2km An underground extension to the area is planned, which will deliver a tube station within 500m DN1 Highway - 4 km Bucharest-Brasov Motorway km Bucharest ring road - 3 km Perla Residence Location Airport information Land plot identification Bucharest Henri Coanda International Airport is within 8 kilometers offering flights to major destinations including Austria, Bulgaria, Cyprus, Czech Republic, Denmark, Egypt, England, France, Germany, Greece, Hungary, Italy, Israel, Lebanon, Poland, Russia, Spain, Syria and the United Arab Emirates. There are three daily direct flights between London and Bucharest with British Airways. Tarom, the Romanian national carrier, and budget airlines Wizzair and Blueair also offer flights to London Access roads 11
12 About the development: site plan Floor plans: site plan 12
13 About the development: work in progress 13
14 About the development: work in progress 14
15 This document is issued by Partnership Incorporations Limited ("Operator"), an entity authorised and regulated by the Financial Services Authority ("FSA"). The Fund and the EPUT is established and operated as a collective investment scheme (as defined in the FSA Handbook Glossary) by the Operator. The Fund itself has not been authorised or otherwise approved by the FSA and as an unregulated scheme it cannot be marketed in the UK to the general public. 15
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