Sofia, October 1, 2009
FairPlay Properties REIT finalized a transaction for sale of construction right on a section of its newest project “Commercial Park Trakia”, the town of Plovdiv. There will be constructed a supermarket of the “Lidl” chain. The contract from September 30, 2009 is for the amount of EUR 2 265 480 exclusive of VAT. The purchaser is “Lidl Bulgaria” EOOD&Ko KD a part of the German Schwarz-Gruppe, one of the leading companies in the field of trade with food and non-food goods.
“Commercial park Trakia” will be realized on 22 000 sq.m. in the core of the residential complex “Traka” in Plovdiv. The construction of the supermarket is a part of the first stage from the realization of the commercial park. The second stage is planning to include a hypermarket of another well known in Europe trade mark for non-food products.
“With the funds from the transaction, the credit exposition of FairPlay Properties REIT will be decreased. Including this amount, the Fund has sunk EUR 5 400 000 principals of credits from the beginning of the year until present, in implementation of our strategy of improving our debt – capital structure and the liquidity of the company in terms of the crisis.”, commented the CEO of the company Manu Moravenov.
FairPlay Properties REIT is the biggest Company for securitization of real estate without agricultural land in view of assets (13, 25% market share) and ranks fourth among all REITs investing in real estate (according the statistics provided by the Financial Supervision Commission for the first quarter of 2009).
The Company is a winner of several prestigious awards – “The Best Corporate Governance of REITs 2006” from the Investor‘s Association, “Best IR Webpage” from the Association of the Investor Relations Directors in Bulgaria. The CEO of the Company, Manu Moravenov is one of the authors of the National Codex for Corporate Governance and a member of the Bulgarian National Commission for Corporate Governance.
In the end of June, the project of the company “Santa Marina”, Sozopol received the award “Best Sea Project” from the international competition “Best Project 2009”, organized by the company “Euro Design” EOOD and BEST Corporation in the frame of the “Year of Bulgaria in Russia”. This is the subsequent recognition for the holiday village after the prize “Holiday Complex of the Year” from the competition “Building of the Year 2006” and the distinction for its internet webpage “Best site in the category Real Estate” from the international web festival Albena 2008.
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 330 legal and physical entities, retail investors.
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