The profits came mainly from buying number of properties, previously owned by Papalekas himself, at a discount to their official evaluations. The properties that the fund bought were Tower Center, BOB and BOC office buildings and Upground Estates residential project.
The fund’s revenues from rents and property management fees were EUR 3.5 million in the reporting period. The total market value of the fund’s assets was EUR 490 million at the end of March, of which EUR 374 million are finalized projects. The debt related to these assets was of EUR 240 million and the fund’s net assets were of EUR 229 million. (source: Romania-insider.com)