May 17 (SeeNews) - Bulgaria's Bravo Property Fund REIT [BUL:BPY] said that its CEO - Asen Lisev, has acquired a further 4.09% stake in the company on May 14, boosting his shareholding to 46.35%.
Following the transaction, Asen Lisev owns some 17 million shares in the real estate investment trust, Bravo Property Fund REIT said in a statement on Thursday.
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Bravo Property Fund REIT shares last traded on the Bulgarian Stock Exchange at a price of 1.02 levs apiece, which would value the 4.09% holding acquired by Lisev at 1.53 million levs ($874,000/782,000 euro).
Earlier this year, Bravo Property Fund REIT increased its capital to 36.7 million levs from 650,000 levs. The company also placed a five-year 30 million levs bond last month.
The proceeds of the capital increase and bond issue were subsequently invested in the acquisition of an office building in Sofia for 71.4 million levs from local real estate company Office A.
The office building, located near The Mall shopping centre, has a total built-up area of 14,479 sq m with six storeys of office space, a ground floor, and two underground levels with 240 parking spots. The operation of the building is expected to generate annual revenue of at least 4.6 million levs, according to Bravo Property Fund REIT.
Office A is owned by two private investors - Asen Lisev and Pavel Kshonzhek, with stakes of 50% each. Pavel Kshonzhek controls his stake in Office A through his fully owned company Black Sea Development.
(1 euro = 1.95583 levs)