Investment banks buy shares in real estate on BVB

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Investment banks buy shares in real estate on BVB

 “I sold over 50 mln shares and main buyers were Lehman Brothers and Julius Baer,” said Dan Ioan Popp, main shareholder and President of the Impact Developer&Contractor.

During yesterday’s BVB session, more than 6.6 percent of Impact’s capital was traded, for a total value of transactions exceeding €19 mln. Company share prices increased by 0.95 percent, rising Impact’s market value to €314 mln.

This May, Impact Developer&Con-tractor decided to increase its share capital by €6.8 mln to attract, directly or indirectly, a new investor. The obtained funds are to be used for acquiring pieces of land and financing real estate projects. “Negotiations are ongoing with a lender specializing in capital investments in real estate. The transaction will most likely happen in maximum two months,” Popp had told Business Standard. Lehman Brothers is an U.S.-based company providing financial services such as private banking, asset management, and brokerage. It posted net sales worth $46.709 billion (€33.46 bln) in 2006. Investment funds administered by Julius Baer, one of the largest investors on BVB, had placements worth more than €200 mln in shares listed on the Bucharest Stock Exchange, at the end of 2006.

“I sold over 50 mln shares and main buyers were Lehman Brothers and Julius Baer Dan Ioan Popp President, Impact Developer&Contractor