ERG Capital – 3 REIT Issued a License

Bulgaria’s Financial Supervision Commission has issued a REIT license to ERG Capital-3 REIT. The trust plans to invest the funds acquired through the issuance of securities in real estate.

FSC also approved the company’s public offering prospect for 700,000 shares with a face value of 10 leva each, issued as a result of the initial capital increase. Currently the company’s capital amounts to 1.4 mln leva.

Bulgarian American Investment Fund AD controls 70% of the company’s capital. Frank Bower and Michael Hunsburger control 7.86% and 7.50% respectively.

The main market of the company is the market of commercial premises – building, letting out and trade in Bulgarian cities with population of over 250,000 people. The investment objective of the company is to develop the acquired properties as commercial premises – malls, hypermarkets, commercial centers, logistic centers, which it plans to rent.

So far the company has acquired two immovable properties – the Yavor project in Varna and the Zagora project in Stara Zagora.

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