Банкеръ Weekly

Briefs

FAIRPLAY PROPERTIES TO BUILD A NEW HOTEL IN BANSKO

The BoD of the FairPlay Properties special purpose investment company was allowed by its shareholders to buy from Ivan Rilski Properties OOD a 13,246 sq. m real estate in the St. Ivan neighbourhood in Bansko. In case the land is acquired the price will be EUR670/sq. m together with the buildings on it, and EUR660/sq. m with the right of construction. The land itself has been evaluated at EUR141/sq. m.
According to intentions, a 4-star hotel would be constructed on an area of 2,000 sq. m, with a total built-up area of 13,237 sq. m. It should open doors by the year-end or in the beginning of 2007. The managerial team of the joint-stock company intends also to buy flats in Bansko, but the hotel complex remains its long-term investment in the winter resort. The construction will be financed by bond issues, increase of the company's capital, or bank credits.
FairPlay Properties already owns four villa buildings with a total area of 7,692 sq. m in the Santa Marina resort in Sozopol and intends to continue its investments there. By the real estates it already has and those it will acquire in the future the company's managerial team aims to diversify its portfolio and get year-round proceeds.
On June 8 BSE-Sofia began trading the rights on the company's stocks, enabling participation in its capital increase. 650,000 rights have been issued against each of which 38 new shares can be written at a par value of BGN1/apiece.

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