February 13 (SeeNews) - Bulgaria's Prime Property BG REIT [BUL:PPBG] said that its shareholders approved a proposal to purchase a 14,878 sq.m. land plot in the coastal city of Burgas at a price of 967,070 euro ($1.03 million), excluding VAT.
Prime Property will buy the land, which is zoned for the construction of a warehouse, from local firm Nevada Tours 2004, it said in a bourse filing on Friday. The parties have 60 days to complete the transaction.
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Last month, the REIT said that the asset has a market value of 2.2 million levs ($1.20 million/1.12 million euro) and a liquidation value of 1.99 million levs.
Prime Property BG REIT is a majority-owned subsidiary of Bulgarian confectionery producer Pobeda. Shares in the company last traded at 0.68 levs on the Bulgarian Stock Exchange.
($1 = 0.9355 euro)