• TBA – 12,560 square meters;
• Expected time of commissioning – May 2018;
• Estimated annual operating income from the building – BGN 2 million.
December 15, 2016
The Board of Directors of "FairPlay Properties" REIT convene a General Meeting of its Shareholders at January 25, 2017 starting at 10:00h in the city of Sofia in the hall on the first floor of an the office building "Hill Tower", located on "James Boucher" Blvd № 76 A., offering to be authorized to enter into the following transactions:
• Contract for sale of regulated land property, together with all improvements of the property and issued papers and documents, including but not limited to: visa for research and design, all designed, approved and coordinated investment projects and others issued construction documents, construction permit and contracts with the operating companies;
• Contract for execution of construction works for construction of administrative building with a restaurant, underground garage on two levels and room for the power station, with two (2) underground and 7 (seven) above ground level, with an area of 1093 sq. m. (one thousand and ninety-three square meters) area of above ground of 7800 square meters (seven thousand eight hundred square meters) and a total area (total area and underground) of 12,560 sq. m.;
• Contract for maintenance of the administrative building.
The estimated total cost for the acquisition of the project is BGN17.5 million.
The site is located in Area "Lozenets" of Sofia, facing the street. "Lyuba Velichkova", near the intersection of "Cherni vruh" blvd and street. "Sreburna."
The acquisition of investment property will generate long-term revenue and will improve the quality of the portfolio of "FairPlay Properties" REIT and will have a positive impact on the Company’s profits. The economic benefit of "FairPlay Properties" REIT and its shareholders by implementing the proposed transaction will result in a direct increase in profit for distribution as a dividend by the amount of net income from the building. The expectations of the management of the Company are that first year of coverage of this gain would be 2018. and its full effect will be seen in 2019. It is estimated that the operating profit of the Company from the acquisition of the project will effectively increase by around BGN 2 million on annual basis for the period of retention of the investment. The Company plans to keep the project as a long term investment property” – commented the CEO of the Company Assistant Prof. Manyu Moravenov PhD
The Invitation for the General Meeting and materials to it are posted as appropriate, and are available on the company website: www.fpp.bg.
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"FairPlay Properties” REIT is listed on the BSE – Sofia on 17th of February, 2006. Major shareholder in the company is “FairPlay International” with 30,4% share in the capital, the rest of the shareholders are institutional investors (11 pension, 15 mutual funds and 1 investment company) and over 294 individuals and legal entities, retail investors.
The Company is a holder of plenty of prestigious awards such as:
• „Investor of the Year” in the Tourism sector for 2013 for the investment of the Company in the Holiday village “Santa Marina”, Sozopol;
• Second place in the Annual rating of Dnevnik newspaper – “Top 100 best companies on the stock exchange in Bulgaria in 2009” in the category “Best REIT”.
• „Best IR Website”, the Bulgarian Association of Investor Relations Directors for 2008;
• „Company with best Corporate governance for Special investment purpose Companies, 2006”, Investors Association in Bulgaria;
The projects of the Company have also received many prestigious awards, including:
• The Holiday Complex “Santa Marina” is the first Bulgarian holder of the prestigious award Prix d’Excellance Golden Winner, May 2014;
• The holiday village “Santa Marina” holds the great reward in the competition FIABCI Prix D’ Excellance Awards, April 2013;
• The Holiday complex „Santa Marina” was distinguished with the prize “Best Holiday Village 2010” from the Bulgarian Hotel and Restaurant Association;
• The holiday village “Santa Marina”, Sozopol owns the Golden prize “Best Project in Bulgaria” from the Russian magazine „Homes Overseas”;
• The holiday village “Santa Marina”, Sozopol is the holder of the award “Best Marina Project” from the international competition “Best project 2009”, organized in the frame of the year of Bulgaria in Russia;
• The project of the Company Hotel, SPA and Apartments “Saint Ivan Rilski”, Bansko was distinguished with an award from the Bulgarian Hotel and Restaurant Association for “Best holiday 4-star hotel in Bulgaria 2009”;
• The webpage of the holiday village “Santa Marina”, Sozopol was awarded as “Best website in the Real Estates category” from the international web festival “Albena 2008”;
• The largest project of the Fund – the holiday complex “Santa Marina”, Sozopol holds the prize “Holiday complex of the Year” from the competition “Building of the year 2006”.
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More information:
Miglena Dimitrova,
Investor Relations Director
Tel.: 02/ 8 199 103; e-mail: m.dimitrova@fpp.bg
