FairPlay Properties REIT finished the period with BGN 1.479 mln net profit, according to its report as at 30.09.2009. The Fund has realized BGN 22.9 mln revenues from sales, 75% or BGN 17.1 mln of which are a result of the finalization of agreements for sale for 81 apartments from the complexes “Santa Marina” and “St. Ivan Rilski”. The rest of the incomes are formed from rents and exploitation of investment properties and from establishing of construction right.
Until the end of the year, the expectations are more BGN 4.3 mln incomes to be realized from agreements for sale of apartments that are already concluded, but not finalized. Their number as at the end of September is 22.
“The Company is close to the realization of the forecasted profit in the beginning of the year. The fact should be rendered that the current accounted profit at present in real is equal of the amount, which should be distributed as dividend.” Commented Manu Moravenov, CEO of “FairPlay Properties” REIT.
From the beginning of 2009, the Company has concluded agreements for sale of 126 apartments with 9 856 sq. m. unfolded built-up area at the amount of BGN 26,8 mln. The Company, in addition, finalized a transaction at the amount of EUR 2 265 480 exclusive of VAT in the last day of the nine-month period. The contract was for sale of a construction right of a part from “Commercial Park Trakia”, Plovdiv. On it a supermarket from the Lidl chain will be built. With the money received the credit exposition was reduced.
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.
Investor Relations Director
Tel.: 81 99 121
53А Graf Ignatiev Str., fl. 3
Tel.: 987 00 06, 987 02 43