Balkimo introduces first SEE distressed property fund

Balkimo Property Partners launched its first vulture fund targeting South Eastern Europe at Mipim this week in a move aimed at capitalising on distressed and foreclosed properties in the region.

Simon Piggott, the fund's finance director, said that the sudden negative development of the local real estate market offered a unique window of opportunity. 'Existing real estate objects offered at a substantial discount against their historical value suggest superior momentum potential. Furthermore, an experienced management team has been put in place to build on Balkimo's successful track record of sale, purchase and development in the region,' he said.

Balkimo, founded by former Merrill Lynch Capital Markets Vice-President Marin le Corre, has been active in South Eastern Europe for the past five years.