Forukom Real Estate Fund expects BGN 562 000 profit for this year

Forukom Real Estate Fund REIT expects a net profit of BGN 562 000 for 2007 and BGN 3.547 mln for 2008, the company’s registration prospectus filed with BSE-Sofia reveals.

The fund’s revenues will come from sales of real estate expected to amount to BGN 1.585 mln for 2007 and BGN 6.435 mln for the following year according to the company’s prognosis.

The investment strategy of Forukom Real Estate Fund (one of the newest formed REITs) includes the completion of a production building and the building of a vacation village.

Within the next 8 months the fund plans to buy a production building, the construction of which is not completed. It began in 1984 and was terminated in 1991 at just 45 % completed.
It is situated near Haskovo and the company has signed a preliminary agreement for the purcahase. The total built-up is 6 140.80 sq.m. and the expected costs are BGN 374 000 for the purchase and BGN 500 000 for the completion.

The second project of the Fund is building a vacation village in the Achmalatsite region in the municipality of Sozoplol,

The company has already signed a preliminary agreement for the purchase of a parcel of around 6 500 sq.m., just 100 m away from the sea coast and no building allowed in front of it.
The project will be realized by June 2008 and it is expected to cost EUR1.85 mln.
The company expects the project’s revenues to amount to EUR 3.29 mln.

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