Sofia, 25 July 2006, Dnevnik Newspaper

700 apartment units will be built up in the southern districts with investments for EUR 10 mln.
RREEF, the real estate and infrastructure investment management of Deutsche Bank has formed a joint venture company with Winslow Developments, a company owned by one of the establishers of Spetema Coffee. The joint-venture company name is Limex City and the investment plans provide for the construction of 700 apartment units in two residential complexes in the southern districts of Sofia. RREEF’s total equity commitment for these first two projects will amount to approximately €10 million. At this stage the start and the time of completion of the projects has not been stated.
In accordance with DAKSI legal electronic register “Limex City” has been established at the end of June with owner Mr. Ivan Mekushin. He is brother of Mr. Yanik Mekushin, who owns one third of Winslow Developments and is one of the owners of Spetema Coffee. The release by Deutsche Bank states that subsequently 88% of the joint venture company Limex became ownership of investment fund, managed by RREEF. The rest 12% are owned by Winslow and the company will act as the operating partner. It is expected that the joint venture company will initially focus on the residential sector in Sofia, although it may expand to commercial sectors as well as to other parts of Bulgaria.
RREEF is the real estate and infrastructure investment management arm of Deutsche Asset Management, the global investment management business of Deutsche Bank.
Winslow Developments is a local Bulgarian developer that has been active in the market since 2001 with several successful projects in the Bankso ski resort area. Pierre Cherki, a managing director of RREEF said of the investment: “Our partnership with Winslow represents a solid first step into the promising Bulgaria housing real estate market and provides RREEF with an excellent platform to respond to other opportunities as they arise in the Bulgarian market.” With established joint venture investments in Russia, the Czech Republic, Hungary, Romania and Poland, Mr. Cherki also commented that RREEF’s investment in Bulgaria would reinforce RREEF’s position as a leading real estate investor in Central and Eastern Europe’s emerging economies.