The Company exceeded with 22% the forecast for sales
Sofia, 2 September 2008
FairPlay Properties REIT concluded through August new Agreements for sale of 47 apartments for total BGN 14.2 mln excl. VAT. The number of the realized from the beginning of the year apartments reached 178, that is 22% over the forecasts.
The amount of the sales from the beginning of the year is BGN 40.3 mln and the unfolded built-up area of the apartments is totally 13 637 sq. m. Totally 4 453 sq. m. is the unfolded built-up area of the Agreements contracted in August.
As at present, the Company has guaranteed BGN 12.2 mln net profit from the sale of 111 apartments, which will be accounted after the finalization of the deals. “Part of it will increase the profit for distribution for this year, which as at 30 June 2008 was BGN 4.3 mln. A substantial part of this profit will be accounted through the next 2009. This is because the construction of the apartment will be completed in the next year as well as the payment for them.”, explained the CEO of the Company Manu Moravenov.
FairPlay Properties REIT is the biggest in assets Company for securitization of real estate (without agricultural lands) with 13,09% market share and had fourth place towards this index from all the REITs invested in the real estates, listed on the BSE ( according the statistics of Financial Supervision Commission for the first quarter of 2008).
The Company Properties has an award from the Investor‘s Association for “The Best Corporate Governance of REITs 2006”.
FairPlay Properties REIT is listed on the Bulgarian Stock Exchange – Sofia on 17 February 2006. The main shareholder in the Company is FairPlay International JSC with 67 % quota in the capital. The rest of the shareholders are institutional investors (10 Pension funds, 16 Mutual funds, 4 Investment companies) and over 260 legal and physical entities, private investors.