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Dec 05, 2007 16:03 EEST
SOFIA (Bulgaria), December 5 (SeeNews) – Bulgaria’s financial regulator said on Wednesday it issued a licence to local City Properties to operate as a real estate investment trust (REIT).
City Properties, based in the capital Sofia, will invest in residential, trade and industrial real estate, agricultural land and offices, the Financial Supervision Commission (FSC) said in a statement.
The REIT is 70% owned by Bulgarian construction company Transstroy-Burgas, which is listed on the Bulgarian Stock Exchange. Sofia-based financial and investment company TBI Asset Management holds the remaining 30% through its funds TBI Harmony and TBI Dynamic, each with a 15% stake.
Shares of Transstroy-Burgas closed 1.7% higher at 585 levs ($441/301 euro) in a volume of nine shares on Wednesday.
Some 50 REITs operate in Bulgaria, where the real estate sector has thrived recently with investors anticipating high yields after the country’s accession to the European Union in January.
(1 euro = 1.95583 Bulgarian levs)
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