Trade in Globex Estate Fund's Stock To Kick Off on Tuesday

Trade in Globex Estate Fund's Stock To Kick Off on Tuesday

Trade in shares of Globex Estate Fund REIT will kick off on the Bulgarian Stock Exchange (BSE) on March 25 (Tuesday), the bourse said.

The REIT raised its capital by 30% to the required minimum of 650,000 leva. The stock symbol assigned to the stock will be GLOBEX.

The REIT plans to build a holiday apartment complex in Sozopol and an office building with shops in Sofia, according to its prospectus.

The total value of the construction works that are to be carried out in Sozopol is estimated to amount to 3.3 mln. euro. The complex will be located in the Budjaka area and will boast 4,800 m2 of built up area.

Globex plans to sell 70% of the apartments in the complex at a price of 1,000 euro per m2, while the remaining apartments will be let at a price of 20 euro/m2.

The REIT plans to construct a class A office building with shops near the Hristo Botev blvd in Sofia. The project is estimated to cost approximately 4.84 mln. euro, while the total florage area of the building will amount to 6,400 m2.

The 1,000-m2 plot for the project will be acquired for 1 mln. euro, while the apartments in the building will be sold at a price of 1,200 euro/m2.

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