June 2 (SeeNews) - Bulgarian real estate investment trust (REIT) Balkan and Sea Properties [BUL:BSP] said it will seek approval from its shareholders to purchase local real estate company Spring Property from football club PFC - Cherno More for 9.7 million levs ($5.3 million/5 million euro).
Balkan and Sea Properties plans to buy all of the shares of Spring Property, it said in a bourse filing on Thursday.
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According to an expert assessment made in April, the fair market price of Spring Property stands at 10.5 million levs.
The transaction will improve Balkan and Sea Properties's return on equity and increase its assets on an individual and consolidated basis, which in turn will have a positive effect on the company's financial results, the company said.
The proposal will be put to the vote at general meeting of shareholders on June 16.
Shares in Balkan and Sea Properties last traded on Monday when they closed at 22.00 levs on the Bulgarian Stock Exchange, bourse data show.
(1 euro = 1.95583 levs)