City Development Acquires Properties Worth 193 000 Euro In Sofia

Bulgarian real estate investment trust City Development REIT said it agreed to buy several properties in Sofia for 193 000 euro, with a view to subsequent sale, the company said in a filing with Bulgarian Stock Exchange (BSE).

The company bought two garages, a fitness hall and a shop, which it hoped to sell for a combined profit of 87 000 euro.

The garages were purchased at 11 989 euro and 13 186 euro and the minimum sale price of the first one is stipulated at 15 144 euro. The second one will be sold for no less than 16 656 euro. The purchase price of the fitness hall is 89 338 euro and the sale price is set at no less than 132 065 euro. The shop is acquired at 78 373 euro and will be sold at 115 855 euro in the least.

All developments were owned by construction company Emil Vutkov II, which also owns 65 per cent in City Development REIT. TBI Dynamic and TBI Harmony contractual funds own 15 per cent each. The remaining 5 per cent share is owned by Financial and Business Consultancies, according to DAXY registry system.

The fund’s shares were last traded on February 7, when 192 800 shares changed hands at 13.30 leva each.propertywisebulgaria.com