Банкеръ Weekly

Briefs

BUYER OF ADIS WON'T BE ALLOWED TO RAISE RENTS

Under one of the privatisation tender's requirements, the buyer of ADIS (the acronym in Bulgarian for Domestic Diplomatic Estates Agency) won't have the right to unilaterally change the already signed contracts for rentals. This restriction, concerning the long-term contracts with the embassies, will be valid for five years. The future owner of ADIS will also have to comply with the Vienna conventions on dimplomatic and consular relations. They require from Bulgaria to ensure premises for the officials of the foreign missions, and also guarantee inviolability of that property. Offices and housing, rented by dimplomatic missions and consulates, shall not be sold within five years after the privatisation. In addition, no more than 20% of the value of all real estates, owned by ADIS, could be transferred. The future buyer of 100% of the agency should also comply with the requirement not to reduce its share participation below 75% over the next three years. The final bids will be accepted by September 23, 2003, and a deposit of EUR5MN should be remitted by August 19. The purchase price will be the single criterion for rating the bidders. Seven companies have already filed indicative offers for participation in the tender. Among them are: the US American Realty Investors and the British Gort Securities (former and current owner of the 5-star Radisson SAS hotel in Sofia) and William Piers. The only domestic bidder is Trakiya - Bulgaria, behind which are the owners of Napredak Holding. The latter owns the Iliyantsi Commodity Market in the capital city and the Trakiya Trade Centre in Plovdiv. The other candidate - the Italian Gruppo Miroglio - has four textile enterprises in Bulgaria, and in February 2002 the company purchased 70% of the Interpred trade centre. The other bidders for ADIS are the Israeli BCR Europe and the Czech Investment company Czech Property Investments, which is connected with the Slovakian fund Istrocapital. Till the year 2000 the fund was direct owner of EUROBANK.

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