Fair Play Properties REIT Sells 27 Apartments With Proceeds At 4.6 Mln Leva

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Fair Play Properties REIT Sells 27 Apartments With Proceeds At 4.6 Mln Leva

On January 7 Fair Play Properties REIT sold 25 apartments in the Santa Marina vacation complex in Sozopol. Thus the number of apartments sold in the first weeks of 2008 became 27 and the company's proceeds from the sales reached 4.6 mln leva (2.351 mln euros).

Fair Play's return from the deals, which are to be finalized bu end of 1H 2008, stands at an average of 62%.

At the end of 2007 the fund signed contracts for the construction of 9 villas with a total built-up area of 14,750 square meters. Construction costs stand at 16.8 mln leva (8.590 mln euros) VAT not included.

Construction of the villas is part of Santa Marina stage 3 process, in which Fair Play Properties has already undertaken to build 21 villas with a total built-up area of 31,313 square meters. Construction will cost 35.8 mln leva (18.304 mln euros), of which 6.3 mln leva has already been invested.

Fair Play Properties REIT has started procedures for its fourth capital increase. The raise is from 50.700 mln leva (25.922 mln euros) to 60.840 mln leva (31.106 mln euros) via issue of 10.140 mln new shares with a face value of 1 leva and issuing price of 2.25 leva.

The company was listed on BSE on February 17, 2006. Main shareholder controlling 65.5% of the capital is Fair Play International. The other shareholders are institutional investors (9 pension funds, 15 mutual funds and investment companies) and more than 220 individuals and legal enteties, as well as small investors.

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