November 22 (SeeNews) - Bulgarian Real Estate Fund REIT (BREF) [BUL:5BU] said that it has submitted the necessary documents and expects to receive a construction permit by the end of November for a 33 million euro ($37.6) office building in state-owned Sofia Tech Park.
The company has already signed a design contract with local A&A Architects and has prepared some of the tenders for construction works, BREF said in an interim activity report on Wednesday.
Last year, BREF signed a 9.65 million levs agreement with Sofia Tech Park to obtain the right to build a multifunctional administrative building with a total built-up are of up to 35,000 sq m.
The company must complete construction of the building within 5 years of the agreement's signature date.
BREF will initially finance construction of the building with the proceeds of a recent capital hike and will later seek borrowed funds.
In August, BREF raised 27.5 million levs via the issuance of 14,491,925 new shares.
Following the capital hike, the company's capital amounts to 34.64 million levs, up from 20.15 million levs before the increase.
($ = 0.8768 euro)