The shops were sold for a total of 5,543,880 euros (VAT not included). The dividend on the sales is expected to amount to 0.23 leva. The fund has also signed preliminary contracts for the sale of the other three shops, the deals have to be finalized by end of the year. At the beginning of next year, dividend is expected to come to 0.38 leva. In 2005 the fund bought the shops for a total of 3,250,000 euros.
BenchMark Properties REIT is actively working on its other 4 projects. The company said that construction of the BenchMark Administration and Commercial center is going according to plan. The building is scheduled to enter into operation around the middle of 2009 according to the contract between the fund and the project executor.
Work on Rakovska project kicked off a week ago. The old buildings on the site will be demolished by November when construction starts. The new business center is scheduled to open doors at the beginning of 2009.
The project in Borovetx - Exclusive Ski & Spa Resort is still on ground 0. The fund has started selling the 214 apartments in the complex.
BenchMark Properties REIT is currently negotiating the sale of its project in Kiustendil. It comprises two hotel parts, a SPA center, restaurants, 5 indoor pools with mineral water with a total volume of 450 cubic meters, and water temperature 78 degrees Celsius, and outdoor entertainment complex with outdoor sports facilities, day care, gym, coffee shops, Internet club, a conference hall and a large parking lot. The entire premises occupy an area of 32,055 sqm.
After the sales in Plovdiv are completed, the fund will look for another interesting project to include in its portfolio.