March 29 (SeeNews) - Bulgaria’s Aktiv Properties REIT [BUL:AKTV] said it will seek approval from its shareholders to purchase real estate company Rest and Fly from Super Borovets Property Fund REIT [BUL:SBPF] at a price between 10.2 million levs ($5.65 million/5.22 million euro) and 10.8 million levs.
Aktiv Properties plans to buy all of the shares of Rest and Fly, it said in a bourse filing on Tuesday.
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With the acquisition, the company aims to achieve a minimum average annual yield of 7.5% on its investment over the next eight years.
The proposal will be put to the vote at an extraordinary general meeting of shareholders on April 28.
In December, Super Borovets' shareholders authorised the REIT to sell two of its wholly-owned subsidiaries - Rest and Fly and Balchik Lodzistik Park. Super Borovets said it would sell Rest and Fly for no less than 10.5 million levs.
Shares in Aktiv Properties last traded at 7.00 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)