The Black Sea Global Properties Limited (BSGP) investment fund, controlled by Romanian businessman Dinu Patriciu, through Rompetrol Holding, owns 99.1 percent of Fabian’s shares, following a full takeover offer in December 2008.
The market value of Fabian’s 11 projects, computed only on the basis of the investment fund’s share in each, was valuated at €138.3 million at the end of 2008. The company’s own investments amounted to €42.2 mln as of 31 December 2008, when net debts reached €76.1 mln.
“The Romanian real estate market is fully feeling the effects of the global loan and liquidity crisis. As long as there are no transactions, which valuators can refer to, concrete yields cannot be established. Thus, there is uncertainty regarding the yields used to compute the value of Fabian’s net assets, so these may not reflect a real value,” the Fabian report indicated.
