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Investors create new company to focus on Europe.

The GED Private Equity Group, the global private equity firm Warburg Pincus and businessmen Andrew Stear and Teodor Pop have entered into an agreement to invest in a newly created property development company which will focus on Southeast Europe.

The property market in Southeast Europe is forecast to experience strong growth potential due to its upcoming accession to the European Union.

With an initial commitment of $50 million the company plans to invest in residential housing, office and retail developments initially in Romania.

Enrique Centelles, Chairman of GED said "This follows our successful investment in the Iride Business Park, Bucharest, which we made with Andrew Stear, and delivered excellent returns for our investors.

"We believe that there are strong opportunities for real estate in Southeast Europe and we look forward to utilising our experience and track record in the region together with Warburg Pincus, Andrew Stear and Teodor Pop to develop a leading property company."

Pedro Aznar, who focuses on real estate investment efforts for Warburg Pincus said: "We are encouraged about the real estate fundamentals in Southeastern Europe and we are confident that we are backing a strong management team."

GED is one of the largest Spanish private equity managers in the "middle market" segment.

Warburg Pincus has approximately $12.4 billion under management with an additional $7.2 billion available to invest.

The firm invests in a range of industries including real estate, financial services, information and communication technology, consumer, industrial, media and business services, healthcare and energy. Warburg Pincus' real estate practice has invested $1.0 billion of equity across a wide range of companies across the globe, including Guangzhou R&F Properties in China, Wall Homes in the United States and Resolution II in the UK.

Since 1997, Warburg Pincus has invested approximately $270 million in a variety of sectors including pharmaceuticals, media, telecommunications and information technology in Poland, the Czech Republic, Slovakia and Russia. In August 2005, Warburg Pincus closed its 11th fund, Warburg Pincus Private Equity IX, L.P., an $8 billion fund that invests in companies in the U.S. and abroad.

The firm has 59 partners and more than 145 professionals in offices in New York, Menlo Park, London, Frankfurt, Hong Kong, Beijing, Shanghai, Seoul, Tokyo and Mumbai. Warburg Pincus has an active portfolio of more than 100 companies.
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Jan 4, 2006
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