CCB Real Estate Fund Sells Land Plot for 1.25 Mln Euros

CCB Real Estate Fund REIT has sold a 38,196-sq. m land plot in Razgrad for 1.25 mln euros (2.44 mln leva).CCB Real Estate Fund REIT acquired the property on February 6, 2007 for 1 mln leva, which means that it profited 1.44 mln leva from the deal.The management of the fund recently decided to raise the capital of the company through the offering of 427,193 new shares for subscription.If the operation is successful the capital of the fund will increase from 650,000 leva to 1.077 mln leva. A total of 650,000 rights have been issued as part of the capital raise operation. The rights and the new shares are issued at a ratio of 1:0.6572.At least 214,000 new shares have to be subscribed and paid in order for the capital increase to be successful.The issue value of the shares is set at 57 leva apiece. CCB Real Estate Fund REIT will raise 24 mln leva, if all shares get subscribed and paid.