Real estate investor Fabian Ltd. is fast proving that the East is the place to be after starting eight new projects in Romania while making four new investments worth a net equity of €19.8 million during last year, and a due to a limited impact from the credit crunch.

The company, which is incorporated in Bermuda, saw its share of the market value of these investments reach €119.7 million at December 31, 2007, before deducting the outstanding non-recourse bank financing of €54.7 million.

Its net asset value per share was also up 25.4 percent over the year at €1.700 from €1.356 in 2006, with an additional € 8.0 million being committed to three new developments since the year end, taking the company's portfolio to approximately 52,400 square metres of commercial property and 151,000 square metres of residential property under development, in addition to 21,239 square metres of existing lettable office spaces.

Jaroslav Kinach, chairman of Fabian, said: "These results demonstrate an impressive performance by the Company during its second full year of operation. I am confident the company will continue its successful investing during the forthcoming year thereby further enhancing the company's reputation and driving future returns for shareholders."

Mark Holdsworth, managing director of Fabian Capital Ltd., the company's investment manager, said: "The credit crunch had a limited impact on the Romanian property market in 2007 and although there has been a more noticeable effect on Romania since the year end, the outlook for the company, the Romanian property market and Romania in general continues to offer attractive opportunities for 2008 and beyond."