Acquisition

Fabian Romania Property Fund Ltd
18 June 2007

18 June 2007





      Fabian Romania Property Fund Limited ('Fabian Romania' or 'Fabian')



Fabian Romania acquires the Baneasa Business Center in north Bucharest from
Immoconsult for €23.9 million





Fabian Romania is pleased to announce that it has entered into an agreement to
purchase its seventh office project in central north Bucharest from Immoconsult
Leasinggesellschaft m.b.H, with a transaction value of €23.9 million. Once
refinanced, Fabian Romania's net equity investment will be €5 million.  The
annual rental income is approximately €1.85 million per annum.  Since its
Admission to AIM, Fabian Romania has entered into four investments committing
approximately €34 million of the funds raised.



The Baneasa Business Center provides 9,600 square metres of lettable space and
is fully let. It is located in the central business district of north Bucharest
and has a highly visible and prominent 32 metre frontage to Bucaresti-Ploiesti
St, which runs directly north to the International airport. The immediate
vicinity is well serviced by the main transport systems of Bucharest, and is
within one of the fastest growing development locations of the city for both
office and retail estates. The Bucaresti-Ploiesti highway leads directly from
the city center to Ploiesti City and links to the main E60 road to Brasov and
Transylvania.



The building offers good flexibility, having been constructed in three phases in
a 'Z' shape. Phase 1 of the building comprises a ground floor plus seven levels,
whilst phases 2 and 3 both provide ground floor and nine upper levels, all were
built to Class A specification. Overground and underground parking facilities
provide for 132 vehicles.



The Baneasa Business Center is currently fully let to fourteen international
tenants, including Wrigley, Colgate, Fresenius, Cargill and Volksbank. There are
a variety of reversionary leases at rents between €12 per square metre to €16
per square metre, providing an annual rental income of approximately €1.85
million per annum.



Concurrent with signing the acquisition Fabian has concluded debt financing with
the vendor's parent company Investkredit, via an 80 per cent. facility, reducing
the net equity requirement of Fabian Romania to approximately €5 million. This
is the fourth credit facility Fabian has agreed with Investkredit  in Romania.



Claudius Ferentz, Managing Director of Investkredit Romania, quoted 'This is
another exciting acquisition for Fabian and we are very pleased to have again
partnered them in providing an excellent financial services in a competitive
environment'.



Investkredit used the same team as per previous Fabian transactions, which
included Salans advising on legal aspects and NNKP representing Fabian.



Responsible for the acquisition, Mark Owen, Property Director of Fabian Capital,
Fabian Romania's investment adviser said:



'This is further exciting news from Fabian, with three transactions announced
over the last three weeks. This acquisition adds an exciting asset management
opportunity to the Fabian Romania portfolio and has been converted from the
pipeline discussed with investors at AIM admission. Over the medium term we
shall aim to renegotiate the tenants' leases as they come up for renewal to
create added value. The building is extremely flexible in design and is able to
provide floor plates between 700-1000sqm for which there is a shortage in the
market. Our ability to purchase a building of this type clearly sets us apart
from our competitors and enables us to diversify in a fast moving emerging
market'.





The lead advisers on the transaction were Eurisko (property agent), WSP
(technical adviser), NNKP (legal adviser), KPMG (financial and tax adviser) and
Biris Goran (legal advisor to Immoconsult)



For Comments:

Fabian Romania:
Mark Holdsworth                                             [phone]

Nominated Adviser:
Deloitte & Touche LLP
James Lewis                                                 [phone]

Broker:
Shore Capital Stockbrokers Limited
Dru Danford                                                 [phone]




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