Allan Saunderson is managing editor of Property Finance Europe and a contributor to GlobeSt.com.

BUCHAREST, ROMANIA-Diwaker Singh, the former managing director of Romanian residential developer Copper Beech, is setting up a property investment fund with start-up capital of €100 million to focus on the acquisition of distressed properties worth over €10 million.

Local media report the fund, to be launched in August, has UK and US shareholders, and will be managed by Singh, who stepped down from Copper Beech in April. Singh told the Business Standard portal he left because, "this is no longer a good time for real estate developments."

He will also exit Copper Beech as shareholder. "Singh owns one share in each of our 16 projects, and he must return these, except for the Blue Tower share," said Copper Beech President Dinesh Dhamija.