Star Residence Invest, the first Romanian Real Estate Investment Trust (REIT) will list its shares on the Bucharest Stock Exchange’s AeRO market on Friday, March 19.

The fund was created in 2020 by local real estate developer Impact (IMP), which is also listed on BVB. Later the same year, Impact sold most of the fund’s shares through a private placement. Currently, Impact holds 22.3% of the REIT’s shares while local brokerage firm BRK Financial Group holds 25% and local investment fund STK Emergent has a 24% stake. The remaining 28.7% of the fund’s shares are held by other private investors.

The expected capitalization in the first day of trading is at least RON 10.5 mln (EUR 2.14 mln), based on the price paid by investors in the private placement last year - RON 0.218 per share.

Star Residence Invest currently holds a portfolio of 14 apartments and 26 outdoor parking places in the Greenfield residential project developed by Impact. The apartments are leased under a five-year contract to a construction company, with an estimated gross yield of 11% per year.

The fund’s manager aims to raise money through new share placements on the Bucharest Stock Exchange and increase its portfolio in the next years.

andrei@romania-insider.com

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