EEREIF

Inception in May 2005
Fund size (January 2010): EUR 43 million
Target return: 15-20% p.a. after all fees

EEREIF (Eastern Europe Real Estate Investment Fund) is a real estate fund investing into commercial real estate in Emerging Europe. EEREIF is focused on adding value through professional asset management in cooperation with tenants, partners and investors.

The EEREIF portfolio is well balanced between rental cash flow and development projects. We target the following strategic split:

• approximately 60% invested in established cash flow projects offering attractive rental revenue;
• and approximately 40% invested in development projects.

The EEREIF portfolio is well diversified between the Baltic States, Bulgaria and Poland.

In March 2008 Estonian Financial Supervision Authority approved the Rules and Prospectus of public closed-end contractual real estate fund EEREIF. The fund management company of EEREIF, AS GILD Property Asset Management, has an activity licence from Estonian Financial Supervision Authority for the management of real estate funds. EEREIF was established in May 2005 as a limited liability company as at the time it was the best structure for a real estate fund according to the laws of the Republic of Estonia.

Data according to latest published NAV as of the end of first half of year 2009:

GILD is one of the biggest investors in the fund with more than 2% (fund management company AS GILD Property Asset Management directly does not hold any fund units).