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STK estimates profit of 10-15 million euro from real estate project Scala Residence Cluj

The closed-end investment fund STK Emergent, which started to be traded on the Bucharest Stock Exchange /BVB/ on Monday, estimates a profit of 10-15 million euro from the real estate project Scala Residence that it is developing in Cluj-Napoca (centre-west), according to the chairman of the Fund's Board, Nicolae Pascu.

'Under normal conditions, the profit will stand at 15 million euro. In the pessimistic variant, the profit will exceed 10 million euro anyway', said the representative of STK Emergent on Monday.

Scala Residence is the most modern residential project in Cluj Napoca and it will be finalized in 2010. Built around a park, it comprises apartments, shopping spaces, spa with covered swimming pool, playing spaces and a sports ground. The 15-level apartment buildings have 2- level underground car parks.

The residential complex stretches on 19,300 sqm and the built area stands at 60,000 sqm. The investment amounts to 30-35 million euro, and the market value of the project situates at 45-50 million euro. The current value of the project is 14 million euro.

The fund units issued by the closed-end investment fund STK Emergent started to be traded on BVB on 22 September.

The number of the fund units stands at 609,753, and the face value is 200 RON/unit.

STK Emergent is the first closed-end investment fund accepted to trading on BVB.

The investment policy of the fund is aimed at investing 40% of its assets in real estate equity and 60% in financial ones.

With its own capital standing at 131.4 million lei, STK Emergent is leader on the market of closed-end funds and the first that lists on BVB.

Since its establishment in 2006 and until end-2007, the performance of STK Emergent reached 82%, whereas the BET index rose 31.5%, BET-FI - 69.5% and BET-C - 47%.

The performance posted by STK Emergent is owed to managing assets based on investments in undervalued shares and in shares with profit increase rate above the market's average. In 2007, the net profit of STK Emergent stood at 14.8 million lei.

 

Sursa: http://www.rompress.ro

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