Alan Cartlidge, Developments Director at Charlemagne Capital Limited, in an Exclusive Interview for Property Xpress
Sofia, Bulgaria (31 July, 2007, Property Xpress) – “Yields compression released a number of land projects on the Romanian market ”: Alan Cartlidge reveals in the interview, published recently in PropertyXpress.com.
The property markets of Romania and Bulgaria have a new buzz-word: regional shopping malls. The second largest market in terms of population in CEE, Romania, is two-three years ahead of its neighboring country regarding retail property development, but the segment has also gained speed in Bulgaria where most of the principal cities have already been supplied with one or more shopping center projects. And this is only a small part of the dynamic real estate activity currently going on within the region.
Looking for credible information about one of Europe’s hottest markets, Property Xpress invited for an interview Charlemagne Capital Limited’s Alan Cartlidge, Developments Director, responsible for the management of property investments in Bulgaria and Croatia and for the identification and procurement of new projects throughout the Central and Eastern European region. Alexander Tsachev of Charlemagne’s Private Equity Advisory team also jointed us, sharing his opinion about the property lending arena in this part of Europe and the company’s investment strategy.
Currently managing two funds for property investments in the region, European Convergence Property Company (ECPC) and European Convergence Development Company (ECDC), Charlemagne is actively taking advantage of the flourishing real estate sector in the Balkans.
What is that prompted Charlemagne’s decision to establish ECDC? Why has the company decided to concentrate on retail development in Bulgaria and on office and residential projects in Romania? When a balance between the growth in the purchasing power of the Bulgarian population and the rise in the number of shopping-malls in the country will be struck? What is that fuels the confidence of banks in the region’s real estate industry thus making them more aggressive in financing leveraged property projects? Is the risk associated with exit from property assets in the region greater than a few years ago? Why committing capital to real estate projects in SEE is not easier than it was before?
We have also talked about: How does yields compression matter on the development side, how does it actually sell and can favorable interest rates in Bulgaria and Romania compensate for its effects? Is the retail property market in both countries overheated? Are there overpriced projects in terms of sale prices? What is happening in the office markets of Romania and Bulgaria? Can a softening in office space rental levels be expected? Are there many experienced developers operating in Bulgaria’s regions? How is the Rousse shopping-mall project advancing? Is ACDC considering large mixed-use developments and vacation investments?
About Property Xpress:
Property Xpress is a daily updated electronic publication designed to facilitate the search for reliable and relevant information on the real estate markets in Southeastern Europe and Ukraie.
INTERVIEWS: Property Xpress invites for interviews well-known professionals and investors - both international and local. The personal experience of the people who have been operating in this sector and region for years and the review of their current and future projects are the pillar of the service.
GEOGRAPHICAL COVERAGE: Property Xpress covers Romania, Bulgaria, Serbia, Montenegro, Ukraine and Moldova. Other markets are to be added soon.
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