Firms battle for control of Romanian property fund

Law firms are lining up to compete for advisory roles on a multimillion-pound Romanian fund set up to compensate owners of houses nationalised during the country's Communist regime.

Allen & Overy, Berwin Leighton Paisner, Clifford Chance, Crowell & Moring, Eversheds, Freshfields Bruckhaus Deringer, Hayhurst Robinson, Linklaters, Norton Rose, Salans and Shearman & Sterling are among firms that have all pitched for the Proprietatea Fund. The closing date for submissions was 15 March.

The successful law firm will be responsible for choosing the fund's future manger as well as organising its launch on the capital markets, in addition to legal consultation. KPMG is acting as the fund's auditor.

It is expected that the fund will eventually launch on the Bucharest Stock Exchange.

People who lost assets when they were confiscated by Romania's Communist regime will be given shares in the fund.

The first shares were given out earlier this month, the total worth coming to L8.7m (£1.7m).