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Bulgarian REIT FairPlay Properties opens proceedings to raise the ceiling

SOFIA (Bulgaria), October 14 (SeeNews) – Bulgarian Real Estate Investment Fund (REIT) FairPlay Properties [BUL:FPP] has launched a capital increase procedure by exercising warrants.

FairPlay Properties REIT intends to offer warrant holders up to 219,517,800 voting common shares of 1 lev par value each, the REIT said in a stock exchange filing on Wednesday.

The process is open to investors who have acquired warrants no later than seven business days after October 13. The offer will be considered successful regardless of the number of shares subscribed, the company said.

Earlier this year, FairPlay Properties said it had successfully increased its capital from 12.5 million levs ($ 7.4 million / 6.4 million euros) to 45.6 million levs. Following the exercise of the rights under an issue of warrants, investors subscribed for and paid for 12,500,000 new ordinary shares from the capital increase of the company, FairPlay Properties REIT told the ‘era.

In August, the REIT announced that it will invest the proceeds of its latest capital increase to acquire an office building in Sofia. The property is expected to generate annual revenues of 2.8 million levs, the company said at the time.

On Wednesday, shares of FairPlay Properties REIT closed at 0.074 lev on the Bulgarian Stock Exchange.

(1 euro = 1.95583 levs)


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