OREANDA-NEWS. October 27, 2008. Underwriting for certificates of the closed-end investment fund “Baltic Distressed Property fund”, (managed by Parex Asset Management), has been closed, reported the press-centre of Parex banka.

Baltic Distressed Property fund was registered on April 25, 2008 by the Financial and Capital Market Commission of Latvia. Fund’s base currency is Euro, and the duration of the fund set out in prospectus is 7 years. The objective of the fund is to invest in the Baltic real estate objects and exploit opportunities offered by current Baltic real estate market situation, by purchasing the properties that are sold at a discount against their historical value.

About Parex Asset Management
With over USD 1.2 billion of assets under management, Parex Asset Management, the subsidiary of Parex banka, is the largest investment company in the Baltic Region and one of the most experienced in the Central and Eastern Europe.

PAM invests internationally, maintaining a complete investment product range, whilst constantly tracking the best investment opportunities in each geographic region. Through its subsidiaries and representation offices Parex Asset Management also operates in Lithuania, Russia, Ukraine and Kazakhstan. In 2007 the company was named the “Best European Investment Specialist Firm of the Year” by Funds Europe Magazine.