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Oct 16, 2007 15:36 EEST
October 16 (SeeNews) - Bulgarian-registered real estate investment trust (REIT) City Development seeks to rise 1.7 million levs ($1.2 million/900,000 euro) in a capital hike to finance its investments, it said on Tuesday.
The company will issue 170,000 shares with a par and issue value of 10 levs each, it said in a statement. The raised funds will go to buy real estate property.
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City Development said in late August it planned to invest within five years some 10 million levs, mainly in residential property in Bulgaria’s capital Sofia.
The real estate market in Bulgaria, which joined the European Union in January, has grown rapidly in the last few years, driven by hopes for high yields after the country's EU accession. Many investors have set up REITs to raise funds for their projects on the Bulgarian stock market.
More than 40 special purpose investment vehicles, most of them REITs, are active in Bulgaria.
City Development is 65%-owned by Bulgarian construction firm Rumen Vatkov. Financial and investment company TBI Asset Management, through its funds TBI Harmony and TBI Dynamic, holds a 30% stake, and Bulgarian company Financial and Business Consultancies owns the remainder. The REIT was licensed earlier this year.
(1 euro = 1.95583 Bulgarian levs)
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