News

Capital increase of Expat Beta REIT

24.02.2010 / Press releases

The Board of Directors voted a capital increase of Expat Beta REIT from the current BGN 4,342,890 to BGN 47,771,790. The increase will be effected through an initial public offering of 43,428,900 ordinary registered dematerialized shares. The issue price of the shares is BGN 1.00.

The period for the subscription and the rights transfer begins 7 days after the promulgation of the public offering in the State Gazette (Darzhaven vestnik) and after the publication of this notice in a national daily.

Expat Beta is a real estate investment trust – a public company listed on the Bulgarian Stock Exchange – Sofia and regulated by the FSC. The fund aims at a balanced portfolio of commercial, office, residential, and vacation properties in prime locations. Expat Beta REIT is one of the very few stocks in Bulgaria which are trading at broadly the same price as a couple of years ago, before the crisis. Furthermore, the fund has zero debt.

The first project of Expat Beta is the purchase of 140,099 m² of zoned for development land in the Kamchia resort on the Black Sea Coast. The current capital increase is intended for distressed assets.