Bluehouse equity fund

complete

The proposed project is an equity investment in Bluehouse Accession Property (II), L.P. (the “Fund”), an investment vehicle pursuing long term capital appreciation through real estate investments. The Fund will be established for the purpose of acquiring, developing, renovating, reconstructing, owning and managing real estate property in Romania, Bulgaria, Ukraine, Moldova, and Serbia and Montenegro (“the Region”), with aggregate capital commitments of up to EUR 100 million. The strategic input of the Bank is essential in various aspects: A special purpose vehicle, organised under the laws of Cyprus, managed by T2 Bluehouse Capital GP, a private equity management firm which is also managing T2 Bluehouse Capital Partners (the “Fund I”), set up in January 2005, whose capital commitments reached EUR 50 million. Fund I has reached fully invested status having invested in 13 assets in Romania and Bulgaria and having a number of additional projects in advanced stages of completion. Equity investment of up to the lower of EUR 25 million or 20% of the total Fund commitments. Up to EUR 100 million. Screened FI. An environmental review is required to examine the Fund’s environmental due diligence capabilities. The Fund will be required to implement the Bank’s Environmental Procedures for Property Funds to conduct environmental due diligence and monitoring of each sub-project, to ensure that each sub-project complies with, at a minimum, relevant national environmental, health and safety standard and requirements and to submit annual report on environmental, health and safety issues to the Bank. No issues to raise at this stage. None. Mr. Victor Pisante, Partner T2 Bluehouse Capital GP 32 Voukourestiou Street, 106 71 Athens, Greece Tel. +30 210 3628900 Email: vpisante@bluehousecapital.com