Whilst official data and forecasts suggest that there has been no meaningful improvement in Serbia’s economy, the announcement of a major (€2.5 – 2.8 billion) real estate project – “Belgrade on the Water” – on a 96ha industrial site on the Danube represents a significant boost for the property sector and, by extension, the broader economy. The proposed development is a joint venture between the Government and Eagle Hills, a real estate company owned by Dubai-based businessman Dr Mohammed Al Abbar, that specialises in international development. The phased residential and commercial complex, to include apartments, hotels, piers and an opera house, as well as Serbia’s largest shopping centre, is scheduled to begin later this year and be completed over the next five.
News relating to Belgrade Pioneer Fund Limited (“the Company”) is far less positive, however, due to the outcome of the vote at the Extraordinary General Meeting in March not to extend the life of the Company beyond November 2014. As a result it is now important for the assets of the Company to be sold prior to November. The Company’s tangible assets for valuation purposes have been reduced in value by 50%, which does not necessarily reflect the expected sales price, but was deemed prudent by the board.
The attached letter, which was dispatched to shareholders on 1 April 2014, advised the status of the Company and has been posted on the web site along with this notice.
Go to Belgrade Pioneer Fund Limited website.
