FairPlay Properties REIT invests in projects for BGN 442 mln

The biggest REIT for real estate celebrates its anniversary today 

Sofia, 28 July 2008

14 projects for BGN 442 mln.
BGN 107 mln Capitalization 
BGN 114 mln Assets
4 capital increases up to BGN 55.825 mln
BGN 82 mln proceeds from clients /sales/

3 years have been enough for FairPlay Properties REIT to reach all these and to become the biggest Bulgarian Fund for securitization of real estate (without agricultural lands) – with the highest Market Capitalization (and second between all the REITs in Bulgaria) and with the largest volume of assets (10,4% according the statistics of Financial Supervision Commission for the third quarter of 2007).
The Company was established on this day – 28 July in 2005. On the 1 February 2006 received t5he license from the Financial Supervision Commission and since   17 February 2006  is a Public Company ob the Bulgarian Stock Exchange. The Fund has now more than 290 shareholders:

10 Pension funds
16 Mutual funds
4 Investment companies and
260 legal and physical entities with little packets. 
The main founder and shareholder with 67% share is FairPlay International JSC, leading Bulgarian company with 15 years experience in the real estate business.

Management and Projects:
For three years, FairPlay Properties REIT had invested BGN 133 mln in 14 projects. The total amount of the investments in these projects will reach BGN 442 mln, and the unfolded built-up area of the constructed properties will be 348 thousand square meters.
Totally completed with permission for use until the present moment are 39 414 sq. m. and mean while were sold 30 783 sq. m. The Company realizes proceeds from clients at the amount of BGN 82 mln.
The Company received the award for “Best Corporate Governance of REIT” for 2006 from the Association of the investors. The project “Santa Marina” is one of most profitable and easy selling projects on the Bulgarian Black Sea coast. It is the winner in   the category “Holiday Complexes” in the national competition “Building of the Year 2006”. With its 3 recent projects in Sofia, FairPlay Properties REIT locates seriously and on the market of commercial and residential properties in the capital of Bulgaria.

Financial Results
FairPlay Properties REIT realizes totally BGN 13,2 mln profit for distribution from the beginning of its activity until 30 June 2008. The Company distributed BGN 0,1433 dividend per share for 2007. The company has completed the first half of the present year with 31% growth of the profit for distribution up to BGN 4.28 mln, in comparison with the amount as at the first half of 2007.
 The exact forecasts gives security and adequate expectations for the investors. For 2007 the Fund accounted 108% implementation of the profit for distribution compared with the forecasted one. In the end of June 2008, the Company exceeded with 21% its plans for sales of apartments from “Santa Marina” and confirms the forecast for BGN 10,4 mln profit for distribution in the end of 2008.
The Projects
Of FairPlay Properties REIT

„Santa Marina”, Sozopol – Luxury Apartments
„Santa Marina”, Sozopol –  Office and Commercial Areas
„St. Ivan Rilski”, Bansko – Luxury Apartments
„St. Ivan Rilski”, Bansko – Hotel
„Rila Lake Resort”, Panichishte – Luxury Apartments
„Rila Lake Resort”, Panichishte – Hotel
„Marina Hill”, Chernomoretz – Luxury Apartments
„Sapareva Banya”, Sapareva Banya – Luxury Apartments
Chernomoretz – Hotel
Sozopol – Residential Buildings
Malina Valley, Sofia – Office and Commercial Areas
Malina Valley, Sofia – Residential Buildings
„Sandanski”, Sandanski– Residential Buildings
„Sofia”, Sofia – Residential Buildings