Tagor, Patron to invest almost $248 million over ensuing 4 years in Romanian development projects.
Tagor Capital Ltd. has signed a four-year cooperation deal with the UK-based real estate fund Patron Capital and the two are set to invest some $75 million in housing and commercial development projects in Romania.
Projections for the complete development plans estimate a total investment of at least $248 million.
Patron will provide 75 percent of the capital used to finance the projects while Tagor will invest the remaining 25 percent. Both companies agreed that in accordance with the set financial objectives, Tagor will be eligible for half of the profits yielded from the investment.
Tagor will be charged with locating, examining and purchasing the property as well as managing the actual execution of the project. As such it will be entitled to quarterly management fees.
Ofer Drori-Liberson, the Founder and controlling partner of Tagor Capital, began operating privately in Romania in early 2004 and since then has purchased a significant number of equity properties in and around Bucharest and other urban regions in Romania. The company went public on the Tel Aviv Stock Exchange in September 2006.Patron Capital has been operating throughout Western and Central Europe since 1999 and has overseen over $6.7 billion worth of transactions.
The Tagor–Patron joint venture has earmarked some $135.8 million for investment in Romanian real estate.