ERPF May Factsheet Now Available
Consistent with the continued European macro-economic challenges, TRI expects the Romanian property market to remain weak in the short to medium term. Given this, the Fund will continue with its programme of gradual property sales at best prices obtainable. While the Fund remains suspended the managers are ever cogniscant of the need to generate sufficient liquidity to meet any future redemption requests alongside protecting Fund capital values as it gradually exits from some of these highly challenging markets.
Although, encouragingly, 2010 Romanian unit sales have been significantly up on 2009 levels, current Romanian unit sales are still significantly below pre-recession levels. This slow sales experience is inevitably restricting the speed with which the Managers can restore the Fund to normal trading and based on current sales and forecast liabilities, TRI does not expect a resumption to normal Fund dealing until the first half of 2011. Accordingly and until property markets show clear signs of sustainable recovery, investors are requested to remain patient, take the long term view and continue to expect some short term volatility in Fund performance as we move through these challenging times.
More information is available in the ERPF May 2010 Factsheet
