150,000 Rights Of Sofia Properties REIT To Be Sold At An Auction July 2

An auction for the sell-off of 150,000 rights from the initial capital increase of Sofia Properties REIT will be held on the Bulgarian Stock Exchange July 2 .

The bourse code assigned is R1NIS and investors can submit orders for participation through investment intermediaries.

Secondary tade with the company's rights starts the same day, under the code R2NIS, and will continue through 13 July.

Each right allows investor to subscribe one new share with a face and emission value of 1 lev. The deadline for subscribing shares from the capital increase is August 8, 2007.

Status Invest is the bourse intermediary authorized to carry out the capital increase, and CB Unicredit Bulbank AD will host the bank account.

Sofia Properties REIT is planning to acquire a regulated property situated in Sofia, Mladost 4 area, near Sofia Business Park, on an area of 1,800 sq.m. The price is 150 euros per square meter, the company's prospectus reveals.

The company intends to build a modern office building with a total built-up area of 5000 sq.m on the plot.

The estimated construction costs up to „first coat and cement“ stage stand at 600,000 euros per sq.m. The price includes project design costs, building supervision, insurance, landscaping, etc.

The estimated price of the office spaces in the building when ready stands at 1200 euros/sqm and rent will be at 15 euros. Sofia Properties is planning to sell 40% of the offices, and rent out the other 60%.

The company's activities in 2008 will be financed with funds raised in the IPO (up to 650,000 leva)
and in the secondary public offering which is to take place in the summer of 2007(up to 7.8 mln leva).

Sofia Properties REIT was founded by DF Status New Shares (controlling 49% of the capital), Sofconsulting AD (30% of the capital), Status Invest AD (9%), Status 1 AD (6%), and Ecozone AD (6%).

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