January 9 (SeeNews) - Bulgaria's Prime Property BG REIT [BUL:PPBG] said that it will seek approval from its shareholders on February 9 to buy a land plot near the Black Sea city of Burgas for the purpose of building a new logistics warehouse.
Prime Property will offer 65 euro per sq m for the plot, which has an area of 14,878 sq m, the company said in a stock exchange filing late on Friday. This means the transaction would be worth 967,070 euro ($1.03 million).
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Owned by local firm Nevada Tours 2004, the asset has a market value of 2.2 million levs ($1.2 million/1.1 million euro) and a liquidation value of 1.99 million levs, the filing showed.
Prime Property BG REIT is a majority-owned subsidiary of Bulgarian confectionery producer Pobeda. Its 35.7 million shares last traded at 0.49 levs apiece on the BaSE market of the Bulgarian Stock Exchange.
($ = 0.9376 euro)