ECPC European Conv.

RNS Number:1299O
European Convergence Property CoPLC
28 June 2005


28 June 2005

                   European Convergence Property Company plc
                           ("ECPC" or the "Company")

                          First day of dealings on AIM


The Directors of ECPC are pleased to announce that the Company's ordinary shares
of Euro1 each have today commenced trading on AIM.  The Company's ticker is "ECPC".


ECPC is a newly incorporated Isle of Man company established to take advantage
of opportunities that exist in the property markets of South-East Europe.  The
Company will invest in commercial, retail and industrial property, with a view
to taking advantage of high yields and the potential for capital appreciation.
The principal target countries are Turkey, Romania and Bulgaria.


Opportunistically, the Company may also seek special situations investments in
these markets and in Central Europe, predominantly in Poland, Hungary and the
Czech Republic.


The Company will primarily seek to invest in income producing assets in high
quality locations in Istanbul, Bucharest and Sofia. These markets currently
offer amongst the highest investment rental yields in continental Europe. This,
coupled with structural and legal reform programmes currently in place as a
result of EU entry ambitions in each country, should lead to yield compression
as a result of risk reduction.


The Company has raised Euro62.7 million before expenses through the placing of 62.7
million new ordinary shares at a price of Euro1 per share.  The Company's issued
share capital is 62,696,333 ordinary shares of Euro1 each.  The placing proceeds
will be applied to fulfill the investment strategy outlined above.


The Company's investment manager is Charlemagne Capital (IOM) Limited which is
regulated by the Isle of Man Financial Supervision Commission for investment and
corporate service provider business.  The Charlemagne Group specialises in
managing funds in public and private equity in global emerging markets. Its
private equity and property team have historically focused on Central and
South-East Europe. The Charlemagne Group currently manages in excess of US$2.6
billion.


Panmure Gordon & Co acts as Nominated Adviser and broker to the Company.


Commenting on today's admission to AIM, Anderson Whamond, Director of
Charlemagne Capital and ECPC commented: "We are delighted with the outcome of
the Company's fundraising and its admission to AIM today.  We firmly believe
that the property markets of Turkey, Bulgaria and Romania offer exciting
opportunities with some of the highest rental yields in Continental Europe and
attractive capital growth potential".


Enquiries:

European Convergence Property Company plc                           01624 640200

Anderson Whamond, Director


Charlemagne Capital                                                020 7518 2100

Christopher Fitzwilliam Lay


Panmure Gordon & Co                                                020 7459 3600

Richard Swindells


Notes to editors:


The Charlemagne Group is an independent asset management group whose formula for
successful investment consists of its rigorous, value-based, 'bottom-up' stock
selection process, its information advantage derived from stock specific primary
research and its disciplined approach to portfolio construction and risk
management.


The Charlemagne Group's focus has always been exclusively on emerging markets
and its success, in terms of fund performance, business growth and industry
awards, has cemented the group's reputation as an emerging markets specialist.

                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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