December 15 (SeeNews) - Bulgarian real estate investment trust (REIT) FairPlay Properties [BUL:6F3] said on Thursday it will seek its shareholders' approval for a 17.5 million levs ($9.32 million/8.95 million euro) investment in a property intended for the construction of an office building.
The investment will include the property along with all relevant construction documents, including an investment plan, the company said in a bourse filing.
The office building will have seven storeys and two underground levels, covering a total of 12,560 sq. m., which will also include a restaurant and an underground parking area.
FairPlay Properties said it expects the building will generate an operating profit of 2 million euro per year when completed. The building is expected to enter commercial use in 2018.
(1 euro = 1.95583 levs)