Activ Properties buys 2 undeveloped lots in Plovdiv

April 25, 2006 - Dnevnik

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Bulgarian Real Estate Investment Trust Activ Properties said it has acquired 8/12 shares of 2 undeveloped lots with areas of 5,475 sq and 11,047 sqm in Plovdiv, Bulgaria's second biggest city. No information on the location of the plots or the acquisition costs was immediately available. Activ Properties executive Dilian Panev told Dnevnik this was the company's fourth investment project.

Activ Properties owns several premises in a new mixed-use building on Sofia's Tsarigradsko Shose boulevard, including a showroom leased for a 5-year period to Romanian furniture maker Mobexpert. In February, Activ Properties bought a tenanted 3-storey building in the Plovdiv industrial zone. The third project of the company involves 4.5 ha of agricultural land near the airport in Plovdiv. The site will be rezoned for industrial use, Panev said at the time the purchase was announced. The proximity of the industrial facilities of the airport makes the site suitable for the construction of a logistics center.

Activ Properties could opt to sell the land plot to be developed by another investor after the site is rezoned.

Panev said the company is finalising its fifth investment project: the acquisition of an underground parking lot part of the Philipopolis business center in Plovdiv. The company has invested a total of 6.2 million levs so far, including a 300,000 Euro bank loan. Activ Properties plans to raise its capital to 20 million levs by the end of the year.