Acquisition

Fabian Romania Property Fund Ltd
30 April 2007


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

Fabian Romania announces the purchase of a €60 million office building in
Bucharest

Fabian Romania has reached agreement to purchase its fourth office project, the
Cubic office development (the 'Cubic Centre'), in Bucharest. The Cubic Centre
will be a class A office building with a gross area of approximately 44,000
square metres, located in North Bucharest. The building is being developed by
the Kendama, an experienced local developer in Romania. Construction has
commenced and completion is anticipated in the second quarter of 2009.

The Cubic Centre will upon completion of construction provide a net lettable
office area of 27,000 square metres over 12 floors, together with 533 car
spaces. The building is located in a prominent location in the Pipera district
of North Bucharest and is likely to attract international tenants seeking class
A office space. Vacancy rates for class A office space in in Bucharest are less
than 3%.

The acquisition is due to complete, subject to certain conditions, in two
stages. The Fund will pay a first instalment of €12.25 million, of which €5
million has already been paid in the form of a secured loan. At practical
completion of the building by the developer, the Fund will pay the final
instalment based upon a forward purchase yield of 7.4% - 7.8% applied to rents
achieved. Based upon current rental estimates, the total value of the
transaction is estimated to be approximately of €60 million. The total equity
requirement for the fund is estimated to be €12 million.

Commenting on the transaction, Mark Holdsworth, Managing Director of Fabian
Capital, the Investment Advisor to the Fund said:

'We are delighted that the Fund has sealed its first investment since Admission
to AIM on favourable terms in what is a highly competitive market.  The Cubic
Centre will provide a high quality addition to the Fund's portfolio of office
buildings. It will also give diversification geographically within the city both
in terms of building type and expected tenant mix.'

Mark Owen, Director responsible for acquisitions comments:

'The new office development is in a prominent location in the rapidly expanding
office location of the northern Pipera district of the City. This area will be
further enhanced by the new motorway link into the City.  The Cubic Centre,
which is already under construction on a fixed price basis, is well positioned
to capitalise on the demand for Class A office space expected. We are already in
early discussions with a number of quality tenants seeking to upgrade their
office accommodation.'

The lead advisers on the transaction were Eurisko (property agent), WSP
(technical advisers) and NNDKP (legal adviser).


END

For Comments:
Fabian Romania:
Mark Holdsworth                                          [phone]

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

Broker:
Shore Capital Stockbrokers Limited
Dru Danford                                              [phone]




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