Bulgaria's Balkan and Sea Properties plans to buy Spring Property
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Loading... - Liam Bakker
- 05 Jun 2023
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Balkan and Sea Properties, a real estate investment trust (REIT) based in Bulgaria, has announced its intention to seek approval from its shareholders for the acquisition of Spring Property, a local real estate company owned by the football club PFC - Cherno More. The purchase price is set at 9.7 million levs ($5.3 million/5 million euros). The REIT aims to acquire all the shares of Spring Property, as stated in a filing submitted to the stock exchange on Thursday.
An expert assessment conducted in April valued Spring Property at 10.5 million levs, indicating that the proposed acquisition price is slightly lower. Balkan and Sea Properties anticipates that this transaction will enhance its return on equity and expand its assets both individually and on a consolidated basis. Consequently, the company expects a positive impact on its financial results.
The shareholders will have the opportunity to vote on the proposal during the general meeting scheduled for June 16. The most recent trading activity of Balkan and Sea Properties' shares occurred on Monday, with a closing price of 22.00 levs on the Bulgarian Stock Exchange, according to bourse data.
