FairPlay Properties REIT distributes BGN 7 mln as dividend

The Company sold more 205 apartments in 2008
Sofia, 6 February 2009
FairPlay Properties REIT will distribute minimum BGN 6,989 mln as dividend to its shareholders. This is BGN 0.125 per share. The Company has presented its audited annual statement for 2008. It shows that the net financial result reaches BGN 13,744 mln, and the profit for distribution exceeds BGN 7,765 mln.
“The profit for distribution is 10% higher than forecasted in October, as  a result of more finalized transaction for sale of apartments during the last quarter of the year,.” said Mr. Manu Moravenov, CEO of Fairplay Properties REIT.
The profit of the Fund is formed by the finalization of 173 Sale Agreements for apartments with total value BGN 35,361 mln., that is 82% of the BGN 42,983 total revenues in the statement for 2008.
The Company has concluded total new Sale Agreements for 205 apartments  in 2008. 191 of them are from ”Santa Marina”, the town of Sozopol, and 14 from “St.Ivan Rilski”, the town of Bansko. The total value of these transaction is almost BGN 44,5 mln and accounts for 94% of the forecasts that were announced on the annual meeting of the shareholders in March 2008. As at the end of the previous year, the Fund had 62 Sale Agreements that were not finalized for the total amount BGN 15,1 mln. They will be finalized in 2009.

   FairPlay Properties REIT is the biggest Company for securitization of real estate (without agricultural land) in view of assets with 12,6% market share and ranks second among all REITs investing in real estate ( data provided by the Financial Supervision Commission for Q3 2008).

   FairPlay Properties is “The Best Corporate Governance of REITs 2006” award winner from the Investor‘s Association .
   FairPlay Properties REIT is listed on the Bulgarian Stock Exchange – Sofia on 17 February 2006. Its main shareholder is FairPlay International JSC with 66,8 % share. The rest of the shareholders are institutional investors (10 Pension funds, 20 Mutual funds and Investment companies) and over 270 legal and physical entities, private investors.