SOFIA (Bulgaria), December 10 – Bulgaria’s BPD Industrial Real Estate Fund REIT [BUL:28R], previously known as Arco Real Estate Fund REIT, said on Monday that it is seeking the approval of its shareholders to acquire a land plot in Burgas for 650,000 levs ($379,000/332,000 euro).
The company’s shareholders will vote on the proposal at a meeting scheduled for January 15, BPD Industrial Real Estate Fund REIT said in a statement.
The land plot is located in a well-developed industrial zone, 5 km away from the city centre and 8 km away from Port of Burgas, the REIT said.
Last month, BPD Industrial Real Estate Fund REIT raised 299,000 levs through the issuance of 299 million warrants.
Each warrant gives its holder the right to subscribe for 1 share in BPD Industrial Real Estate Fund at a price of 1 lev. Holders of the company’s warrants can exercise their right within a 5-year period.
In February, Estonian real estate group Arco Vara said it has sold its 100% stake in Arco Real Estate Fund for 333,000 euro.