This price, which translates to €1/share, is almost double the value of the company’s shares listed on Alternative Investments Market, administered by the London Stock Exchange, according to the announcement made by the fund on the Stock Exchange.
The offer was brokered by the Black Sea Global Properties (BSGP) company, subsidiary of Rompetrol Holding. In October-November 2008 period, Rompetrol Holding acquired 25.2 percent of Fabian’s shares, through Finite Assets, and transferred this package to BSGP. For the remaining shares, Patriciu will pay a further €37.6 mln.
“Our cash offer is a guarantee for Fabian Romania’s shareholders in a period of economic turmoil and considering that the price of real estate assets in Romania continues to drop,” said Patriciu. He added that emerging real estate markets will continue to attract investors with liquidities, in spite of the global financial crisis.
