MIL Equity Partners Expands Eastern European Fund to $100M
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MIL Equity Partners Expands Eastern European Fund to $100M
When MIL Equity Partners L.P. announced the formation of its Eastern European commercial real estate fund in September 2004, the company only expected to raise $10 million. But interest in Eastern European property has been so great that MIL expanded the size of the fund to more than $100 million.
"When we started the fund, our original intent was to cater to retail credited investors," said MIL chief financial officer Michael Perlas. "But after we were contacted by several institutions, we increased the target for the fund. There’s very strong demand from both U.S. and European-based entities."
The firm anticipates completing the fundraising in the next two to three months. The fund will focus on office properties of mid-level quality (both Class A and B, as opposed to Class A-plus) starting in Bulgaria and later moving on to Romania, Hungary and possibly Slovakia (map pictured). Perlas pointed out that most investors have committed to less risky Eastern European countries like Poland, Hungary and the Czech Republic, all of which have been admitted into the European Union. Yields in those regions, however, have already decreased as opportunistic buyers flood the market.
By contrast, MIL’s core investment region Bulgaria offers higher returns--but at a greater risk. "We’re jumping in very early in the growth curve," Perlas said. "But Bulgaria still offers a stable and business-friendly economy." The country is already a member of NATO and is expected to join the European Union in 2007. Its currency is also pegged to the Euro, showing the country’s commitment to the Union, Perlas noted.
Additionally, MIL already has a real estate infrastructure established in the country. Milo Georgieff, MIL’s founder and principal, is originally from Bulgaria and has capitalized on his connections in the country to locate properties in a market that does not traditionally list assets for sale.
"We’re blending the real estate expertise and experience that our U.S. people have with the local knowledge our people in Bulgaria have," Perlas said. "There are a lot of undervalued assets, but it is a hidden market." Already, MIL has Bulgarian properties in its sights as soon as the fund is ready to acquire.
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