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					GED Group


GED AND WARBURG PINCUS INVEST IN A NEWLY CREATED PROPERTY
 DEVELOPMENT COMPANY FOR PROJECTS IN SOUTHEAST EUROPE


   The newly created company will have initial capital commitments of €50 million.

   The company will develop industrial estates, offices, shopping malls and
   residential housing in Southeast Europe.

   The managing partners of the project will be Andrew Stear, a UK developer based
   in Romania who joined forces with GED in the Iride Business Park deal, the
   largest-ever Romanian property transaction at the time and Teodor Pop, a
   Romanian developer with track record in residential housing and office projects.


Madrid, December 23rd, 2005- The GED Private Equity Group, the global private
equity firm Warburg Pincus and businessmen Andrew Stear and Teodor Pop have
entered into an agreement to invest in a newly created property development company
which will focus on Southeast Europe.

The property market in Southeast Europe is forecast to experience strong growth
potential due to its upcoming accession to the European Union.

With an initial commitment of €50 million the company plans to invest in residential
housing, office and retail developments initially in Romania.

Enrique Centelles, Chairman of GED said “This follows our successful investment in
the Iride Business Park, Bucharest, which we made with Andrew Stear, and delivered
excellent returns for our investors. We believe that there are strong opportunities for
real estate in Southeast Europe and we look forward to utilising our experience and
track record in the region together with Warburg Pincus, Andrew Stear and Teodor Pop
to develop a leading property company.”

Pedro Aznar, who focuses on real estate investment efforts for Warburg Pincus said:
“We are encouraged about the real estate fundamentals in Southeastern Europe and we
are confident that we are backing a strong management team.”
GED Group
For further details:

Eugenio Martínez Bravo
Gavin Anderson & Company
Tel.: 91 702 71 70
Mobile: 607 888 084
E-Mail: emartinez@gavinanderson.es

Sarah Gestetner
Citigate Dewe Rogerson
Tel.: +44 207 282 2920
Mobile: +44 7767 481 163

Notes to Editors

GED Group
GED is one of the largest Spanish private equity managers in the “middle market”
segment. The Group manages a total investment volume in excess of €200 million,
spread across three funds: GED Eastern Fund I-RPPF, GED Eastern Fund II and GED
Iberian Fund I.

The GED Group owns one of the leading fund managers in Southeast Europe, GED
Capital Development, which manages two private equity funds: GED Eastern Fund I-
RPPF and GED Eastern Fund II. GED Eastern Fund I-RPPF is in its final stage of
divestment, having achieved to date a gross IRR of 25% in US$. GED Eastern Fund II
was formed recently; it closed its first investment transaction last August, when, jointly
with Prosegur, it acquired the Romanian security firm Dragon Star Guard.

In the Iberian Peninsula, through its company GED Iberian Private Equity, the Group
manages GED Iberian Fund I, which has invested in 8 companies, including
Corporación Dermoestética, Rioglass, Azulev and Sendal. The Group’s strategy focuses
on companies with high growth potential, buy-outs and management buy-outs. GED
provides financing, expertise and a wide network of contacts in Spain and
internationally.

http://www.gedprivateequity.com/

Warburg Pincus
Warburg Pincus has been a leading private equity investor since 1971. The firm
currently has approximately $12.4 billion under management with an additional $7.2
billion available to invest. The firm invests in a range of industries including real estate,
financial services, information and communication technology, consumer, industrial,
media and business services, healthcare and energy. Warburg Pincus’ real estate
practice has invested $1.0 billion of equity across a wide range of companies across the
globe, including Guangzhou R&F Properties in China, Wall Homes in the United States
and Resolution II in the United Kingdom. Since 1997, Warburg Pincus has invested
approximately $270 million in a variety of sectors including pharmaceuticals, media,
telecommunications and information technology in Poland, the Czech Republic,
Slovakia and Russia. In August 2005, Warburg Pincus closed its 11th fund, Warburg
Pincus Private Equity IX, L.P., an $8 billion fund that invests in companies in the U.S.
and abroad. The firm has 59 partners and more than 145 professionals in offices in New
York, Menlo Park, London, Frankfurt, Hong Kong, Beijing, Shanghai, Seoul, Tokyo
GED Group
and Mumbai. Warburg Pincus has an active portfolio of more than 100 companies. For
more information please visit www.warburgpincus.com.

				
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