Acquisition

Fabian Romania Property Fund Ltd
14 June 2007


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

Fabian Romania announces the acquisition of an €8.0 million office development
scheme in Bucharest

Fabian Romania has signed a turn-key agreement with Hil Construct to purchase
its sixth office project in central Bucharest for a prospective purchase yield
of 8.9 per cent.. Completion is conditional on the attainment of the final
building permit which is currently expected at the end of August 2007.

The Romana office building will be built for the Fund on a centrally located
site on Dacia Boulevard. The building will be built to Class A specifications
with a gross area of approximately 3,000 square metres ('sqm'). The project
management will be undertaken by Globus, an experienced local developer in
Romania. Construction is due to commence in the fourth quarter 2007 with
completion anticipated in the third quarter of 2009. Total construction costs
are estimated to be in the order of €8.0 million.

Upon completion, the building will provide a net lettable office area of around
2,480 sqm over 7 floors, together with 40 car parking spaces. The building is in
a prominent position with views over Plaza Romana 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 per cent.. The Fund, advised by its
investment manager Fabian Capital Limited ('Fabian Capital'), will assume the
letting responsibility for the building. The estimated rental value of the
building upon completion is €715,000 per annum giving a prospective purchase
yield of 8.9 per cent..

Upon completion the Fund will pay the purchase price of €7.6 million to Hil in 3
instalments; a first instalment of €2.0 million will be made for the company to
acquire ownership of the land; a second instalment for construction costs of
approximately €3.0 million; and a final payment upon practical completion of
€2.6 million in the form of a bank guarantee. Including non developer related
costs, the total purchase price is forecast to be €8.0 million. The Fund's
equity requirement is expected to be €2 million with debt finance to fund the
balance.

Dacia Boulevard is in the heart of Bucharest running  between Calle Victoria and
Romana Square. It is some 5 minutes by car from the Intercontinental Hotel. This
area is a popular office location. A number of international companies have
their headquarters nearby.

Commenting on the transaction, Mark Owen, Property Director of Fabian Capital,
said:

'We are pleased the Fund has signed another high quality office purchase shortly
after the announcement of its intention to purchase the Evocenter. This new
development is located in one of the most central positions you could hope to
achieve in Bucharest and we are confident the Fund will achieve pre lets prior
to completion. The building is flexible to provide sub 1,000 sqm floor plates of
which there is an under supply in the market whilst still otherwise providing
Class A technical specifications. This investment will make it the third in the
central core area of Bucharest for the Funds' expanding Portfolio.'

The lead advisers on the transaction were DTZ (property agent), WSP (technical
advisers) and Tuca (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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