A Bermuda-based property investment fund is taking part in a joint venture to build an apartment complex on the Romanian capital of Bucharest.

The Fabian Romania Property Fund, which is listed on the Bermuda Stock Exchange has paid 5.75 million for a 50 percent stake in development company, Phoenix Park SRL, which is funding the building 655 residential apartments with an estimated gross development value of 85 million.

The New Town development, located east of Bucharest?s city centre, is being undertaken by Mivan Limited of the UK.