April 18 (SeeNews) - Bulgaria's Bravo Property Fund REIT [BUL:BPY] said that it has issued a five-year 30 million levs ($17.5 million/15.3 million euro) bond on April 11.
The bonds carry an annual coupon of 3.25% with payments due quarterly, Bravo Property Fund REIT said in a notice on Wednesday.
The issue consists of 30,000 bonds with a nominal value of 1,000 levs each.
Earlier this month, Bravo Property Fund REIT completed a 36.05 million levs capital increase.
Bravo Property Fund REIT intends to use the proceeds of the capital increase and bond issue to finance the acquisition of an office building in Sofia for 71.4 million levs ($41.2 million/36.5 million euro) from local real estate company Office A.
The office building, located near The Mall shopping centre, has a total built-up area of 14,479 sq m with six storeys of office space, a ground floor, and two underground levels with 240 parking spots. The operation of the building is expected to generate annual revenue of at least 4.6 million levs, according to Bravo Property Fund REIT.
Earlier this year, Bravo Property Fund REIT announced that it will go through with the deal if it successfully attracts financing of 42 million levs.
In addition to the bond issue and capital increase, Bravo Property Fund REIT will also seek a one-year 12 million levs bank loan.
Office A is owned by two private investors - Asen Lisev and Pavel Kshonzhek, with stakes of 50% each. Pavel Kshonzhek controls his stake in Office A through his fully owned unit Black Sea Development.
Lisev is also the CEO and majority owner of Bravo Property Fund REIT.
(1 euro = 1.95583 levs)