FairPlay Properties REIT attracts 4 millions EURO trough issue of corporate bonds. Manager of the issue is TBI Invest

Sofia, 14th of August, 2006

FairPlay Properties REIT (FPP) raises 4 millions EURO trough a loan of issue of bonds. At this very first day, nine pension funds, a pension insurance company, a commercial bank, and an investment intermediary subscribe the issue.
The issue of bonds is secured with a mortgage and insurance “Financial risk”. Manager of the transactions is the investment intermediary “TBI Invest”. The issue is allocated in 4000 bonds, 1000-EURO face value each. The interest coupon of the 5-year paper is set at the 6-month EURIBOR+4% but no less than 6.75%, payable by every 6 months. The principal will be pay off only once on the redemption date.

At first, the issue was sold privately, and then it will be announced for registration in the Financial Supervision Commission with the purpose of secondary trade Bulgarian stock exchange – Sofia.

The general purpose of the issue is to financeе the construction of the 4-star hotel “Ivan Rilski” in the eponymous vacation settlement, near Bansko,  for which FPP got the rights of construction at the end of July. The total value of investment is 14 millions BGN. The total built-up area of the hotel is 13 237 sq. m. and it will be completed on 30th of Mars 2007. After the completion of the hotel, which is FPP’s property, it will be rented of a company, specialized in managing hotels. There where further four vacation blocks in the complex “Saint Ivan Rilski, Hotel, Spa, & Apartments” with commonly 162 apartments for sale, beside the luxury 4-star hotel.

From the beginning of 2003 until now TBI Invest was a manager or co-manager of 22 issue of bonds with a total nominal value over 93.19 millions EURO.


FairPlay Properties REIT was listed on BSE AD-Sofia on 17th of Feb. 2006. General shareholder in the company is FairPlay International AD with 71.67 % of the capital, the rest shareholders are institutional investors /tree pensions and tree contractual  funds/  as well as few small investors.