Benson Elliot moves into Central Europe with major land acquisition in Bratislava

Investment underscores firm’s confidence in Slovakia’s economic outlook

23 November 2007 — Benson Elliot Capital Management, the private equity real estate firm launched by Marc Mogull, announced today that it has acquired a controlling interest in a strategically situated, 2.86 hectare land parcel in central Bratislava, with the intention of creating one of the most significant residential developments in the country. Terms of the transaction were not disclosed. Benson Elliot invested on behalf of its fund, Benson Elliot Real Estate Partners II (the “Fund”).

The site occupies a prime position in the rapidly developing business district of Ruzinov, immediately east of Bratislava’s historic centre. Development constraints in Bratislava have pushed growth outward from the city centre, with Ruzinov increasingly the location of choice for office occupiers. Residential development in the area will complement the area’s office growth and, by cutting commuting distances for thousands of future workers, support the city’s wider commitment to sustainability.

The investment marks a return to Central Europe for Marc Mogull, who pioneered emerging market investing in Europe in the early 1990s as the first Director of Property & Tourism at the European Bank for Reconstruction and Development. Some years later Mr. Mogull led Doughty Hanson Real Estate into the region, as that fund’s founder and senior real estate executive.

Commenting on the transaction, Mr. Mogull said: “This is an important investment for Benson Elliot, in a market that we believe has strong growth prospects. Slovakia’s economic performance in recent years has been outstanding, with GDP growth at the very top of the EU league table. The country’s strategic location, sound fiscal management and dynamic work force have made it a magnet for foreign direct investment.”

This acquisition is the seventh by Benson Elliot for the Fund since it began its investment programme at the end of last year.