Fairplay Properties Reit Distributes 8m Leva As Dividend

At their annual meeting on 25 March, the shareholders of FairPlay Properties Real Estate Investment Trust (REIT) decided to distribute eight million leva of the company’s profit for 2007 as dividend, the company said in a statement.

The general meeting also elected a new board of directors with members Manyu Moravenov, Ivailo Panov and Svetoslav Soltariev.

The REIT has invested 96 million leva (excluding value-added tax) by December 31 2007 and has concluded sales contracts to the value of 34.5 million leva in 2007, according to the company’s annual report.

The fund reported a profit of 11.13 million leva in 2007 and its sales revenues stood at 43.3 million leva (VAT excluded).

FairPlay Properties’ executives forecast that the company’s revenue in 2008 will total 42.46 million leva, 98 per cent of which will be generated by apartment sales and the rest by rents. The REIT expects the profit that will be distributed as dividend next year to reach 10.4 million leva.

FairPlay Properties plans to invest 73.6 million leva this year. About 42 per cent of this amount is allocated to the acquisition of new plots and the remaining 58 per cent will be spent on construction.sofiaecho.com