Hong Kong-based 235 Holdings acquires majority stake in Bulgaria's Square Cube Properties

The holding company acquired the shares through a capital increase procedure of Square Cube Properties, the real estate investment company said in a bourse filing on Tuesday.

The buyer owned no shares in the capital of Square Cube Properties prior to the transaction, the bourse filing showed.

In a separate bourse filing on Tuesday, Square Cube Properties said that private individual Miliyo Milev cut its interest in the company from 48% to 0.97% on November 19.

Earlier this month, Square Cube Properties said that it has raised just over 5 million levs ($3.1 million/2.6 million euro) through an initial public offering on the Bulgarian Stock Exchange. 

Investors subscribed for 5.002 million shares, exceeding the 5 million shares success threshold, the company said at the time. Square Cube Properties offered 6 million shares for subscription.

Sofia-based Square Cube Properties was established in May and currently has a registered capital of some 5 million levs.

(1 euro = 1.95583 levs)