Fairplay Properties Reit Borrows Money For Buying Plots In Sofia

FairPlay Properties real estate investment trust (REIT), part of FairPlay International Jsc, has signed three loan agreements to secure cash for the purchase of land plots in Sofia residential district Studentski Grad, Dnevnik daily reported.

Two of the contracted amounts are investment loans, amounting to 3.75 million euro and  1.35 million euro, while the third is a 1.14 million euro revolving credit.

The company is considering buying four adjacent properties in Studentski Grad for the development of a residential and office scheme.

The deal will probably be finalised by mid-April, Dnevnik wrote.

The cost of the residential development is estimated at 22 million leva. It should be completed by the end of 2009. Investment in the office building will total 35 million leva.

In related news, it was announced that FairPlay Residential Properties, also part of FairPlay International, has paid 900 000 euro (without taxes) to acquire 2354 sq m of property in Sofia borough Lozenets.

The company plans to invest 3.5 million euro to develop the property into a housing estate.propertywisebulgaria.com