Bermuda Stock Exchange (BSX)-listed property company Fabian Romania is fast proving that the East is the place to be after posting a 25 percent rise in net asset value for 2007.

The firm, which invests in the Bucharest and Romanian real estate market and is also listed on the alternative investment market (AIM), generates total returns for shareholders through a portfolio of income-producing buildings, co-development projects and land investments.

Its net asset value per share at the end of last year was ¿1.700, an increase of 25.37 percent for the full year and a 5.79 percent increase over the third quarter.

The developers profit net asset value (DPNAV) has also grown strongly, up 43 percent on the previous 12 months, while it reported only "limited impact" from the sub-prime lending crisis in the US.

Mark Holdsworth, director of Fabian Romania Ltd, said: "The further East one goes into Europe, the less impact the credit crunch is having.

"In the fourth quarter ongoing growth in office rents and continued residential house price inflation on the back of double digit growth in real disposable incomes, have proven the drivers for an outstanding year for Fabian."

Mr Holdsworth said the growth in DPNAV was particularly significant. "This is a leading indicator of the positive direction that net asset values will move in and something else for investors to welcome," he added.

Fabian Romania was originally listed on the BSX in June 2005 at ¿ 1 a share and it subsequently raised ¿21 million. The company raised a further ¿40 million through a listing on AIM in December 2006 at ¿1.35 a share.