SOFIA (Bulgaria), September 14 (SeeNews) – Property investment and development company Glorient Investment will offer for sale its entire portfolio in Bulgaria, company shareholder East Balkan Properties said.
Glorient Investment owns 35 stores with a total area of 147,406 square metres, valuated by East Balkan Properties (EBP) at a total of 108.4 million euro ($148 million) as of the end of June. The stores are leased by retail chains Technomarket, Billa, Praktiker and Baumax, EBP said in its first-half financial report published on its website on Monday.
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EBP holds 40% in Glorient Investments.
“Within the Glorient portfolio weak economic conditions have led to sustained pressure on tenants and financing discussions have been constrained by the lending restrictions in place in the region. […] Glorient would seek to offset any concessions granted to tenants with other lease amendments in order to protect the portfolio's value and improve access to finance,” EBP said.
Raiffeisen Investment Bulgaria was hired to market the portfolio for sale.
“This process is at an early stage,” EBP said.
($=0.7324 euro)