SIF Muntenia to enter real estate market

“Financial investment companies are not allowed to invest in real estate directly, so we could lose important deals that are right under our noses,” SIF Muntenia President, Pavel Szel, told Business Standard.

SIF Muntenia brought some €1 mln in cash and a building estimated to be worth €16.3 mln into the new company, while Avicola came with an €8.11 mln building.

Szel said estimates regarding the new company’s profit and turnover are not yet available. He did not rule out the possibility of SIF Muntenia participating in the creation of real estate investment funds.

SIF Muntenia, listed on the Bucharest Stock Exchange (BVB), has a market capitalization worth €408.3 mln, while the capitalization of Avicola Bucharest, listed on BVB’s electronic Rasdaq market, amounts to €2.03 mln. SIF Muntenia controls some 98.29 percent of Avicola Bucharest.