Land Near The Sea - ID 1846

Property Blues? - Not In Bulgaria 09/07/2008
Everybody knows that property prices in the UK are heading south and that the spectre of negative equity is once again raising its head. Not so in Bulgaria, apparently. Last week, Bulgarian Property Developments was shouting from the Sredna Gora mountain tops after it managed to sell its logistics park in the Black Sea town of Varna for Ђ15m (Ј11.9m), the valuation given to it by Colliers last Dec-ember. That is important, says its chief executive, Ivo Hesmondhalgh, not only because it helps bump up the group's cash position, but also because it goes some way to proving to investors that the group's net asset value is sound. Mr Hesmondhalgh was so chuffed, in fact, that he has decided to buy more shares in the group, a lucrative move since last Tuesday when BPD announced a 19p... more

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