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Dec 19, 2007 18:23 EEST
December 19 (SeeNews) - Bulgaria's financial regulator on Wednesday licensed Bulgarian-based company Roi Property Fund as a real estate investment trust (REIT).
The REIT will provide a land plot for the construction of a residential complex near the capital Sofia, the Financial Supervision Commission (FSC) said in a statement. The regulator approved the REIT’s prospectus for the offering to the public of 150,000 shares at a price equal to their face value of one lev ($0.74/0.51 euro) each, as an addition to its capital of 500,000 levs divided into the same number of shares, a press relations officer for the FSC told SeeNews.
The REIT is 30%-owned by Capman Asset Management, while the reminder is equally distributed between three companies and seven individuals.
About 50 REITs operate in Bulgaria, where the real estate sector has thrived recently with investors anticipating high yields after the country's accession to the European Union in January.
(1 euro=1.95538 bulgarian levs)
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