Eastern European Property Fund Limited (EEP), a real estate fund registered in Guernsey, a small island in the English Channel, has sold its only property in Romania, namely the logistics and business center in the Gara Progresul area in the south of Bucharest, for EUR 1.5 million. EEP hasn’t revealed the name of the buyer.

The fund had purchased the real estate project, with an area of about 12,500 square meters, from German transport company Transalkim for EUR 3.95 million, in 2007. At the end of June, EEP assessed the property in Romania at some EUR 1.68 million.

Following the deal, EEP will focus on activities in Turkey and Bulgaria, according to a press release of the investment fund.

After taking over the center in the Gara Progresul area, the fund announced investments of EUR 20 million in the Romanian real estate sector. The crisis cancelled the fund’s plans.

editor@romania-insider.com

(photo source: Eepfl.com)