SOFIA (Bulgaria), March 18 (SeeNews) – Bulgarian real estate investment trust (REIT) PRC is seeking 5.2 million levs ($4.2 million/2.7 million euro) in a capital hike to finance investments, a company official said on Tuesday.
The REIT plans to issue 520,000 shares with nominal value of 1.0 lev and issue price of 10 levs each that would raise its share capital to 5.85 million levs and will help the company finance the purchase of office and retail space in the cities of Sofia, Plovdiv, Stara Zagora and Blagoevgrad, PRC legal adviser Elisaveta Yotova told SeeNews.
PRC REIT shareholders will vote on the proposed capital increase on April 25, Yotova said.
The combined value of the property the company intends to buy is some 10 million levs, so the REIT will need an additional financing via another capital hike or loans to carry out the plan, she added.
The REIT, which was set up in 2007, is 30%-owned by Bulgarian-American credit Bank while the remainder is held by individuals.
The real estate sector in Bulgaria has been booming for several years as domestic and foreign demand increased with the country’s entry in the European Union in 2007.
(1 euro = 1.95583 Bulgarian levs)
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