Pobeda brought its ownership in real estate to 95.84%

Pobeda brought its ownership in real estate to 95.84%

Bulgaria's Prime Property BG REIT [BUL:PPBG] said that local confectionery manufacturer Pobeda brought its ownership in the real estate investment trust to 95.84% in part through the purchase of the entire equity stake held by privately-owned Vitosha Resorts.

Out of 16 million shares in Prime Property BG REIT that Pobeda acquired last week, 8.25 million were taken over from Vitosha Resorts, Prime Property BG REIT said in a bourse filing on Saturday.

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Vitosha Resorts, which owned 23.1% in the property investment trust, has exited Prime Property BG REIT's share capital as a result, another filing showed.

Pobeda, which also bought 7.8 million shares in the trust from Balkan Investment Co alongside the 8.25 million acquired from Vitosha Resorts, last week offered to buy out the residual shareholders in Prime Property BG REIT.

The confectionery manufacturer paid 0.61 levs per share, or 9.79 million levs ($5.5 million/5 million euro) in total, to increase its stake in the REIT from 94.85%.


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