EIB To Sell Minority Stake in Sofia Development Site for 1.8 Mln Euro

"The total consideration payable in relation to the development amounts to 9.175 million euro [$13.8 million] in cash. Of the total consideration, 1.835 million euro is attributable to EIB's share and its net proceeds are expected to be received on November 11, 2009," the company said in a statement carried by the Regulatory News Service of the London Stock Exchange.

It is expected that, following receipt of its share of the proceeds of Serdika, EBP will repay a loan of 5.4 million euro owed by EBP to EIB, the statement said.

The majority of the proceeds of the sale and the loan repayment will be used by EIB to reduce debt obligations of the EIB Group, it added.

($=0.6668 euro)