We want in!

Generali and the European Bank for Reconstruction and Development led the way by announcing their "Accession Fund". Institutional investors will subscribe to a SICAV, a Luxembourg company set up make investments on behalf its shareholders, to bring capital equity to Euro 300 million. This will then be leveraged to give a total investment capacity of Euro 1 billion. GLL Estate Partners, partly owned by Generali, will manage the fund following a broad strategy that includes all the Central European countries that entered the EU on May 1st plus potentially Romania and Bulgaria. Most types of property are likely to be included in the portfolio including warehousing and logistics property. Gerald Kramer, a managing partner of GLL, says that they are targeting an IRR of 15 pct. Also in February, Skarbiec Investment Management (a Polish firm which is part of the Commerzbank group) announced that it too had plans for a fund. However, negotiations are not completed and a f