A Fair Play International Subsidiary Takes A 22 Mln Euros Credit

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Varna Logistics AD has negotiated a 22 mln euros loan from UniCredit Bulbank, BSE reports. The loan is for a period of three years with an option for extension.

The funds will be used to finance the construction of modern warehouse facilities, offices, and commercial properties on an area of 80,000 sq m. Construction of the first warehouse has already began and is expected to be completed before the end of the year.

The credit will cover 88% of the expenses on the project.

Shareholders of equal interest in Varna Logitcs are Bulgarian Property developments and Fair Play Commecial EAD. The latter is 100% controlled by Fair Play International.

At the end of April Varna Logistics' project was awarded a certificate for Class A Investor. The certificate is awarded after taking into consideration the value of investment, which will top 100 mln leva, as well as all requirements to this type of projects – location, accessibility, buildings components, management and quality of the services offered.

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