Bulgaria’s Allterco to buy property in Sofia for 500,000 euro

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IOT Allterco to buy property

Bulgarian IoT and telecommunications company Allterco [BUL:A4L] said on Tuesday that its wholly-owned unit Allterco Properties has signed a preliminary agreement to acquire a property adjacent to its current business building in Sofia for 500,000 euro ($552,000).

The 610 sq. m. property represents a good opportunity for expansion of the Allterco group’s base with additional office and storage space, Allterco said in a bourse filing.

Allterco Properties intends to finance the purchase through a bank loan but it has not yet reached an agreement with any lender. However, if the company fails to secure a bank loan at favourable conditions, it has enough free cash to finance the acquisition, it said.

The deal is expected to be finalised by March 16.