The initial sale of the emission of rights (under the code R1UNTD) issued in the initial capital increase of United Properties REIT Sofia starts in a closed mixed auction on August 6, BSE reports.

Secondary trade with the rights, under the code R2UNTD, will also start August 6 and will continue through August 17.

The company intends to increase capital from 500,000 leva (255,646 euros) to 650,000 leva (332,339 euros) by issuing 150,000 shares with a face and emission value of 1 lev.

The proportion between issued rights and new shares will be 1 to 1. The deadline for subscription of shares is 14 September 2007.

The company was funded by Republika Holding AD which controls 30% of its capital, and 10 physical persons. It is managed by the Board of Directors: Yavor Boyadjiev, chair and CEO, Rositsa Karaleeva, vice-chair, and Miroslav Ruskov – member.

The fund intends to invest primarily in the following market segments: land property (90%), and in residential, public, service, commercial, office, or other buildings, which may be in the process of construction (up to 90% of assets).

In compliance with its investment strategy the company has acquired two properties in Sofia.