The British Charlemagne Capital company, one of the most active buyers on the real estate market, has bought 50% in the Asmita Gardens residential project, which will be worth 110 million euros upon completion.

Asmita Gardens is developing a 788-flat residential project in the Splaiul Unirii-Calea Vacaresti area, which will be developed in two stages until the spring of 2009. "Asmita will be handling the management and development of the project and Charlemagne will take care of the funding. The transaction has an equity component, whereby Charlemagne bought the 50% stake, and a funding component that indicates Charlemagne will commit the necessary funds to run the project," Vlad Busila, partner with investment firm Capital Partners, the broker of the deal and of the funding for the Asmita Gardens project, commented for ZIARUL FINANCIAR. The funding for the project comes from Alpha Bank. The first tranche released by the bank will amount to 16 million euros, Busila adds.

Sources on the real estate market say the equity component of the deal exceeds 10 million euros, that is the amount Charlemagne Capital pays in cash to Asmita India for the 50% stake in the project. The financial commitment of the British investor in the project will later increase by provision of the necessary funds for the development. Charlemagne Capital, which manages several property investment funds, became the owner of the class A office buildings Millennium Business Center, PGV Tower (Bancpost headquarters) and Construdava this year, which were worth a total of 83 million euros.

"We will deliver all the flats in the first phase of the Asmita Gardens project by September 2008. We will continue to develop residential and office projects on the capital city market in the next few years and Charlemagne Capital will be first on the list of choices for partners to run our proj