Reit Fairplay Properties Right Issue Fails To Spark Interest 14/03/2008
About 41 per cent of the rights issued as part of the capital raise of local real estate investment trust FairPlay Properties, a unit of property developer FairPlay International, have not been picked up by investors and will be invalidated. Only 61 100 of the 20 830 880 unexercised rights were transacted at the February bourse auction. This means that if the residual rights are exercised and investors subscribe and then pay up the shares to which they are entitled, the company will hike its capital by around 60 per cent of the target amount. The REIT is currently performing its fifth capital increase from 50.7 million to 60.84 million leva. For the purposes of the hike, FairPlay Properties is offering 10.14 million new shares with an issue price of 2.25 leva per lot. The company... more

Central Mall In Bulgarias Veliko Turnovo For Sale 10/03/2008
European Convergence Property Company (ECPC) investment fund was considering offers from possible buyers of the Central Mall in Veliko Turnovo, the fund said, in a statement to the London stock exchange. The sale was to be concluded in the beginning of 2008, investor.bg reported. According to the ECPC statement, the mall was almost completely let out. ECPC admitted that the construction suffered minor construction defects, which were being fixed by the constructor. The investment fund announced its intentions to sell the commercial complex as early as in Augusts 2007. By that time the fund sold its three malls in Romania to the German DEGI Deutsche Gesellschaft fur Immobilienfonds mbH (DEGI) for 110.5 million euro. ECPC explained its withdrawal from Bulgaria and Romania with... more

Kissing Marathon To Stop Black Sea Construction In Irakli 14/03/2008
Locals and environmentalists expressed their hope that love can save Irakli by sending good wishes to the authorities and constructors working on the virgin beach. The protesters decided that even though the authorities could not stop construction, they would try to use positive emotions instead of aggression. more

New Budget Bulgarian Service 20/03/2008
Travellers looking for cheap flights to Eastern Europe are to get a boost with the launch of two new services from London to Bulgaria. Wizz Air will begin operating flights from Luton Airport to the Bulgarian capital Sofia four times weekly, as well as flights from Luton to Bourgas three times a week, from May 1. The new flights, which will cost as little as Ј42.46 including taxes and fees, were announced at a press conference at the Radisson Hotel Sofia last week, bulgaria-property.com reports. Bulgaria is proving a popular choice amongst Britons looking for a second home, and UK-based property companies have also moved quickly to develop in the country. James Knight, director of property firm Knight International, congratulated Wizz Air’s decision saying the ‘UK and Bulgaria have... more

Plot Prices Higher In Bulgarias Sofia And Varna 14/03/2008
Intense construction in Sofia led to a deficit in free plots, which in turn affected prices, an imoti.investor.bg report said. As a result of this phenomenon the price of land increased faster than the price of property, the report said. In some Sofia districts like Banishora, Boyana and Lozenets construction plots increased in value by as much as 18 per cent. High investor interest in these districts hiked the prices. Bulgarian and Western companies have launched a number of property projects in these residential districts. Central Sofia witnessed a price increase of 11 per cent. The land market in Plovdiv was also evolving at a fast pace, the report said. Though the number of projects there was on the rise, land prices registered a slight decrease. Land prices in Varna... more