Acquisition

Fabian Romania Property Fund Ltd
04 June 2007

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


Fabian Romania announces the purchase of a €4.9 million office building in
Bucharest



Fabian Romania has reached agreement to purchase the Evocenter office building
in the Pipera / Voluntari district of Bucharest for a forecast yield of 9 per
cent.. The Evocenter will be the Fund's fourth office building in Bucharest.



The fund had initially proposed to purchase the building empty, thereby taking
the letting risk. However, during the due diligence process, the Adama Group
from Israel, the developer, signed a lease taking half of the available space.
The building will be completed in summer 2007 to a Class A standard and
comprises 3,000m2 of net lettable area, 18 covered car parking spaces and
ancillary parking close by. It is arranged over seven levels, basement, ground
floor, mezzanine and four office floors.



Rents that will be achieved for the building are forecast to be €12 sqm/month
for ground, mezzanine and floors one to four, €65 sqm/month for parking and €7
sqm/month for storage. Once all space is fully let, the yield is forecast to be
9 per cent..



The Fund will meet the consideration of €4.9 million from its own resources.
Debt drawdown is anticipated to be during the third quarter 2007 which will
reduce the ongoing equity requirement to around €1 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 agreement to buy this commercial
office building. Based on our experience and given the ongoing shortage of
office space in Bucharest, we believe it is in the Fund's interest to agree to
take the letting risk for the building in return for sealing a more attractive
price.



By having the Adama Group, as both anchor tenant and vendor, we consider we have
ensured a quality product through the alignment of interests. We are confident
of letting the rest of the building out to multinational tenants in the near
future.'



Following the acquisition of 40-44 Banu Antonache in January 2006, the purchase
of the Adama building will be the second occasion the fund has taken the letting
risk.



The lead advisers on the transaction were DTZ (property agent), WSP (technical
advisers) and Tuca Zbarcea Asociatii (legal adviser).



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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