Former Copper Beech MD sets e100m distressed property fund

Diwaker Singh, the former MD of Romanian residential developer Copper Beech, is setting up a CEE property investment fund with start-up capital of e100m to focus on the acquisition of distressed properties worth over e10m. To be launched in August, the und has UK and US shareholders, and will be managed by Singh, who stepped down from Copper Beech in April. He told the Business Standard portal he left because, "this is no longer a good time for real estate developments." Copper Beech President Dinesh Dhamija noted that, "Singh owns one share in each of our 16 projects, and he must return these, except for the Blue Tower share," The Blue Tower apartment block in the Colentina area of Bucharest is the only project near completion. Copper Beech in 2007 had planned 16 residential projects totalling 16,500 housing units, with an investment budget put at e2.5bn.Diwaker Singh, the former MD of Romanian residential developer Copper Beech, is setting up a CEE property investment fund with start-up capital of e100m to focus on the acquisition of distressed properties worth over e10m. To be launched in August, the und has UK and US shareholders, and will be managed by Singh, who stepped down from Copper Beech in April. He told the Business Standard portal he left because, "this is no longer a good time for real estate developments." Copper Beech President Dinesh Dhamija noted that, "Singh owns one share in each of our 16 projects, and he must return these, except for the Blue Tower share," The Blue Tower apartment block in the Colentina area of Bucharest is the only project near completion. Copper Beech in 2007 had planned 16 residential projects totalling 16,500 housing units, with an investment budget put at e2.5bn.