Notwithstanding turbulent investment markets, WICLO was able to leverage its experience with its first fund, CG1, and raised a further €5.05m for investment in residential real-estate in Budapest. Adopting the same structure as for CG1 and utilising its in-house resource to prepare the legal and corporate documentation, WICLO completed a private placement of shares in a Cypriot holding company, CG Holdings - Magyar (2) Limited ("CG2"). The majority of CG1 shareholders invested in CG2.
WICLO is excited about the opportunity to scale up operations and will continue to deal with all aspects of the acquisition, design and renovation of classical buildings in the downtown area for CG2 in addition to CG1. WICLO will market the end-products for sale and rental.
NOTE: WICLO is not authorised by the UK Financial Services Authority (FSA) to make financial promotions or provide investment advice. In deciding whether to make an investment in any WICLO project, investors were recommended to seek advice from an investment professional although, in this instance, each investor qualified as an exempt person on account of being either a high net worth or sophisticated investor.
