March 10 (SeeNews) - Bulgaria's Quantum Developments REIT [BUL:QUAD] said it signed two loan agreements with KBC Bank Bulgaria worth some 1.58 million euro ($1.7 million) in total to cover expenses linked to developing two acquired properties.
Under the agreements, Quantum Developments will receive target financing of 1.33 million euro for the construction of facilities in the acquired properties, along with 253,000 euro to pay value-added tax on the expenditure for project preparation and construction.
The properties are located in industrial zones in the cities of Stara Zagora and Sliven, in southern Bulgaria. They spread over 123,901 sq m and 36,759 sq m, respectively. The company did not disclose further details on the planned projects.
The REIT purchases real estate to develop properties for sale or lease. Clients to which it has leased commercial properties include retailers BILLA Bulgaria, LC Waikiki, gambling company Sanevian and pet products wholesaler Profipet.
Quantum Developments REIT shares last traded on the BaSE segment of the Bulgarian Stock Exchange at a price of 0.56 levs.
($ = 0.9437 euro)