The FSC has approved the Prospectus for the capital increase of Expat Beta REIT

05.05.2010

The Financial Supervision Commission has approved the prospectus for the initial public offering of an issue of shares of the Real Estate Investment Trust (REIT) Expat Beta. The issue is to the amount of 43,428,900 ordinary registered dematerialized shares with an issue price of BGN 1.00 per share. The capital increase will be considered successful if at least 100,000 new shares are subscribed.
Expat Beta is a real estate investment trust – a public company listed on the Bulgarian Stock Exchange – Sofia and regulated by the FSC. The fund intends to invest in high-quality finished buildings with operating licenses at prime locations (primarily in Sofia). Expat Beta REIT is one of the few stocks in Bulgaria which are trading at broadly the same price as a couple of years ago, before the crisis. One of the reasons is that the fund has zero bank debt.
Expat Beta currently owns 140,099 m2 of land zoned for development in the Kamchia resort on the Black Sea Coast. The current capital increase is intended for distressed prime quality assets.