Cheapest real estate fund: Lewis Charles is now worth less than 2m euros

British investment fund Lewis Charles, which had announced investments of around 200 million euros on the Romanian market, now has a capitalisation of 1.66 million pounds sterling (1.88 million euros), after the shares of the London Stock Exchange-listed company fell by 92% in a single year. Lewis Charles announced in 2007 that it would invest 140 million euros to build a mall on a 10-hectare plot in the city of Ploiesti, a project it sold this year to Irish-based Blackpear, in a transaction worth 200 RON, according to market sources cited by ZF. The British fund’s second project on the Romanian market is to be developed on a plot in Mogosoaia (North of Bucharest), in which the company has so far invested 13.4 million euros. The project entails the construction of over 1,000 homes, in partnership with Lebanese businessman Ali Chemais and with other partners.