August 22 (SeeNews) - Privately held real estate investment trust (REIT) Bulgarian Real Estate Fund (BREF) said on Friday it has canceled the 20.9 million euro ($30.9 million) sale of an office building and parking lot in Sofia to Navigator Business Centre.
BREF has canceled the deal due to the failure of Navigator Business Centre to pay part of the property price set in the signed preliminary contract, the REIT said in a statement.
BREF agreed in January to sell Navigator Business Centre the office centre and parking zone, part of the REIT’s mixed-use project which is due to be completed by the end of the year.
Last year BREF agreed to sell another part of the compound to the local dealer of Hyundai Motor Co. for 11.15 million euro.
The REIT launched the construction of the mixed-use centre in August 2006.
Shares in BREF, listed on the Bulgarian Stock Exchange, closed at 1.5 levs on Friday, up 2.7% from the previous close on Wednesday.
($ = 0.6754 euro)