December 5 (SeeNews) - Bulgarian Real Estate Fund REIT (BREF) [BUL:5BU] said on Wednesday that it has received a construction permit for a 33 million euro ($37.4) office building in state-owned Sofia Tech Park.
The building will have a total built-up are of 50,761 sq m, including a 15,717 sq m underground parking, BREF said in a bourse filing.
The company signed a design contract with local A&A Architects earlier this year.
Last year, BREF signed a 9.65 million levs agreement with Sofia Tech Park to obtain the right to build a multifunctional administrative building with a up to 35,000 sq m.
The company must complete construction of the building within 5 years of the agreement's signature date.
BREF will initially finance construction of the building with the proceeds of a recent capital hike and will later seek borrowed funds.
In August, BREF raised 27.5 million levs via the issuance of 14,491,925 new shares.
Following the capital hike, the company's capital amounts to 34.64 million levs, up from 20.15 million levs before the increase.
($ = 0.8823 euro)