The Company will foreclose the money for the construction in suites of the vacation settlement "Santa Marina", near Sozopol.
Sofia, June 21, 2006
On 20th of June 2006 FairPlay Properties REIT /FPP, R3FPP/ has signed a bank credit contract with CB Economic & Investment Bank AD-Sofia.
The loan is investing with deadline of acquittal for 2 years and a grace period of 6 months; it will be base mortgage as security as well on the ownership of the association in the vacation settlement "Santa Marina".
FairPlay Properties REIT is owner in altogether 10 828 sq.m. of apartments and studios in built in the new sea resort complex and the money will be used for completing some of them in the lease.
"With withdrawing the demand loan we streamline the stock structure of the company. Our aim is to get the profitableness to the maximum on the stockholder capital by means of fiscal bar leverage, when is used longer term debt as well as shareholder’s equity", said Mr. Moravenov, the executive director of FairPlay Properties.
The official run-up in the vacation settlement Santa Marina will be at the end of July for this year. The infrastructure will be over by that time, the swimming pools and the sport-entertaining center that will be on lie at all who had bought villas and apartments there, will be ready. FairPlay Properties REIT already has sold three apartments, as the last two were traded on 16 Junes for altogether 142 thousand euros.
The holiday village "Santa Marina” combines sea and mountainous landscape and it stands in tiers on a peninsula with beautiful view to the sea. This is in the south part /on the Sozopol side/ of The Paradise Bay, right next to the "Gold Fish" campsite.
Unclassical style of effigy of the tectonic tradition of Sozopol’s houses is being used in Santa Marina – white walls and sloping roofs, rock casing and wood facing. The complex is with lot of greenery and swimming pools. There is not hazard of over-exploitation, because only companies of the team of FairPlay International build the entire vacation settlement. FairPlay Properties REIT will enter in the second phase as well in building " Santa Marina" holiday village with further 15 000 sq.m.