Bermuda Stock Exchange-listed property company Fabian Romania Ltd. boosted its net asset value (NAV) per share by six cents for the year to date, despite falling six cents for the second quarter 2008.

The Alternative Investment Market-listed investor in the Bucharest and wider Romanian real estate market, with a portfolio of buildings, co-development residential, office, logistics and retail projects, and land investments, saw its share price reach 1.667 Euros by June 30, 2008.

Adjusting the current NAV for the estimated future development profits of €0.652 per share indicates a potential future NAV of 2.319 Euros per share, representing an increase of 5.9 per cent in this quarter and an rise of 6.4 per cent for the year to date.

In June 2008, Fabian agreed to enter into a joint venture with Hungarian developer SCD Group to develop residential projects in western Romania. On formation, the joint venture SCD Fabian OSM, completed the acquisition of two residential development sites, one in Oradea and the other in Satu Mare for an initial consideration of 2.5 million Euros with an additional equity requirement of 3.75 million Euros.