May 5 (SeeNews) -
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Bulgaria’s Aktiv Properties REIT [BUL:AKTV] said that its shareholders gave the green light to the planned purchase of real estate company Rest and Fly from Super Borovets Property Fund REIT [BUL:SBPF] at a price between 10.2 million levs ($5.8 million/5.2 million euro) and 10.8 million levs.
Aktiv Properties' proposal to acquire all of Rest and Fly's shares as part of its investment goals was approved by shareholders on April 28, it said in a bourse filing on Wednesday.
With the acquisition, the company aims to achieve a minimum average annual yield of 7.5% on its investment over the next eight years, according to an earlier filing.
In December, Super Borovets' shareholders authorised it 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.
As of 1550 CET on Friday, shares in Aktiv Properties traded 2.99% higher at 6.90 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)