Transactions with Property Fund shares boom in March

Transactions with shares of the Property Fund (FP) hit a record-high in March, accounting for around 5.3% of the Fund’s capital, amid increased interest from foreign investors.

The 753.8 million shares traded last month amount to a 4.4 times higher volume than that traded in February – 170 million shares, and five times higher than in December 2009. In fact, in March 2008, when it became possible to sell FP shares through the Central Securities Depository, until December 2009, around 21% of the Fund’s shares were traded.

“In March some of the most active buyers were Czech brokers at Wood, an Irish fund, and American fund Elliott Management,” said a person involved in transactions with FP shares.

The rise in transactions comes in the context where American-held Franklin Templeton, which will take over FP’s management, pledged to have the Fund listed on the Stock Exchange by September. From then on it will be more difficult for big investors to buy stakes in a non-transparent manner, as has been the case so far. For the time being, prior to the listing, transactions with shares are conducted based on agreement between sellers and buyers, who meet via classified ads.