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2012-09-12 00:00:00
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Poland's richest man Jan Kulczyk and New York real-estate mogul Larry Silverstein have launched a fund that plans to invest up to EUR 1.5bn in Central and Eastern European commercial property, according to Silverstein Properties' press release.
KSP Real Estate Investment Management, part of a joint venture called Kulczyk Silverstein Properties (KSP), initially plans to raise EUR 200-300mn to invest in property in the largest Polish and Czech cities.
KSP's project, now in a pre-marketing phase, targets insurers, pension funds and endowments. If successful, KSP will attempt to raise a total of EUR 750mn over the next five years and match the figure with debt it will take on, Silverstein Properties also reported.
The Kulczyk-Silverstein joint venture already owns and manages several office buildings in Warsaw.
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