Revetas Capital Advisors LLP, a specialist real estate investment advisor focused on over-leveraged, distressed and under-performing opportunities in Central and Eastern Europe has completed the successful first closing of its CEE-focused real estate fund, Revetas Capital Recovery Fund I L.P. and three initial investments by the Fund in Hungary and Poland, and a strategic new partnership with the private equity investor, JRJ Group.
Having raised over half of its target capital, the fund has started its investment programme by acquiring in Hungary two nationwide portfolios comprising 12 retail neighbourhood shopping malls totaling over 45,000 sqm, and a 29,000 sqm mixed-use office building in Krakow. The acquisitions involved a restructuring of existing debt held by four international banks active in the region. Revetas expects to hold a second and final closing of the Fund in by the third quarter of 2014.
“These are very significant steps for Revetas,” says Eric Assimakopoulos, managing director of Revetas. “We are well on our way towards achieving our first Fund’s target, we have acquired some very attractive initial properties, and we have attracted a blue-chip new strategic partner.”
