Foreign institutional investors hold 51% of Romanias Property Fund.

By bne IntelliNews October 5, 2012
Institutional investors increased their participation in Romania's restitution fund known as the Property Fund (Fondul Proprietatea) in September, while individual investors kept selling its shares, news agency Mediafax reported, quoting various sources among which a Fund's press release. Foreign institutional investors increased their participation by 0.27pps on the month to 50.91%, while domestic institutional investors held 9.44%, up 0.1pps on the month. Elliot Associates' share reached 15.33% after the purchase of a 0.93% stake for RON 68mn (EUR 15.1mn) in September. It further bought another 0.61% stake for RON 44.1mn (EUR 9.7mn) in October. The second largest institutional investor is the City of London, with a 9.43% stake at the end of September, which includes its 4.18% stake and warrants issued by RBS accounting for 5.25% of the Property Fund. The Property Fund shares traded at RON 0.5-0.55 in the past days, closing at RON 0.52 on Thursday, Oct 4, when its capitalisation stood at around EUR 1.6bn. The fund's net asset value per share was, however, RON 0.94 at the end of August, as calculated by its fund manager Templeton.

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