Bulgaria's Bravo Property Fund Agrees to Buy 36.5 Mln Euro Office Building

Bulgaria's Bravo Property Fund Agrees to Buy 36.5 Mln Euro Office Building

Bulgaria's Bravo Property Fund REIT said on Wednesday that it has agreed to acquire an office building in Sofia for 71.4 million levs from local real estate company Office A. The office building, located near The Mall shopping centre, has a total built-up area of 14,479 sq m, Bravo Property Fund REIT said in a capital increase prospectus.The building offers six storeys of office space, a ground floor, and two underground levels with 240 parking spots. The operation of the building is expected to generate annual revenue of at least 4.6 million levs. Bravo Property Fund REIT will go through with the deal if it successfully attracts financing of 42 million levs. On Tuesday, the Financial Supervision Commission approved the company's prospectus for a capital increase, aimed at raising up to 36.4 million levs via the issuance of the same number of shares at a price of 1 lev each.

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