March 25 (SeeNews) - Bulgaria's Bravo Property Fund REIT [BUL:BPY] said that its shareholders have approved the company's first dividend payout since its establishment, of a gross 0.0419 levs ($0.023/0.021 euro) per share for 2019.
Bravo Property Fund REIT will distribute a total of 1.5 million levs, equal to over 90% of its adjusted net profit in 2019, the real estate investment trust said in a statement on Tuesday.
On a non-adjusted basis, Bravo Property Fund REIT turned to a net profit of 3.1 million levs in 2019 from a net loss of 40,000 levs in 2018.
Last year, Bravo Property Fund raised 36.05 million levs via the issuance of the same number of shares, and placed a five-year 30 million levs bond. The funds were used by the company to finance the acquisition of an office building in Sofia for 71.4 million levs from local real estate company Office A.
Bravo Property Fund REIT shares last traded at a price of 1.05 levs on the Bulgarian Stock Exchange.
(1 euro = 1.95583 levs)