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The Warsaw Voice » Business » September 2, 2011
Business & Economy
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Profitable Investment with Secus
September 2, 2011   
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Certificates of closed-end investment fund Secus I FIZ, which invests in non-publicly traded companies, may generate double-digit yields on redemption, according to executives at Secus Asset Management, the company which manages the fund.

“The results of work conducted in our portfolio companies are encouraging, and we think they will enable investors to achieve a positive rate of return on their investment certificates,” says Grzegorz Pędras, president of Secus Asset Management. “The fund pursues a strategy that should generate a profit, with the certificates priced at around zl.1,500 at the time of redemption, that is in 2012/2013.”

E-commerce sector player Agito, Cracow-based developer Sento (formerly called Inwest), and software distributor APN Promise are among the portfolio companies of Secus I FIZ.

The greatest challenge for the fund was the restructuring of Sento. The process was completed in mid-2011. The first step involved preparing a private placement of the company’s shares. It enabled the company to raise zl.3.9 million. Sento hopes to raise a further zl.6-11 million in another private placement scheduled for the end of August. The money will be used to build the Ruczaj housing estate with around 70 apartments with a total area of 9,000 sq m. The developer has already sold 30 percent of the apartments. The company also plans to buy a development project on Bocian Street in Cracow and build a housing estate there with a total area of 20,000 sq m including 6,000-7,000 sq m in the first stage. Construction work is scheduled to begin at the end of this year. Another project planned by Sento is the construction of a 1,000-sq-m luxury apartment building in the center of Cracow. Sento also has plans to become a publicly traded company.

After ownership changes in Sento, Secus I FIZ intends to become the company’s main shareholder.
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