Bulgari Reserve Properties' Rights Sold in Two Transactions

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Bulgari Reserve Properties' Rights Sold in Two Transactions

All 150,000 rights issued as part of the initial capital raise of Bulgari Reserve Properties REIT were sold at a price of 1.3 leva apiece in two transactions on the Bulgarian Stock Exchange (BSE) today.

The REIT is in the process of hiking capital from 500,000 to 650,000 leva through the issuing of 150,000 rights enabling the subscription of as many shares, each with 1 leva par and issue value.

The secondary trade in the rights will continue until April 2, while the bourse code assigned to the issue is R2BULRP. The deadline for the subscription of shares in the capital raise is set for April 29.

Bulgari Reserve Properties' founders include Republica Holding (30%), Kram Complex Group (30%) and Momentum Bulgaria (35%) .

The company's investments plans for 2008 include the acquisition of a land plot in Sofia where a building, combing residential, office and commercial space, will be constructed and subsequently sold or rented out.

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