Bulgarian insurer Euroins co-creates Universal Properties real estate fund.

Mar 1, 2006 - Dnevnik

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Bulgarian insurance company Euroins was involved in the launch of a new Real Estate Investment Trust, Universal Properties, said the Bulgarian stock exchange.

The insurer has subscribed 30% of the REIT's capital of 500,000 levs. Euroins did not provide further details about the new company.

Euroins went public on January 30, becoming the nation's third insurance company traded on the stock exchange after DZI and Bulstrad which were listed as part of their privatisation. The free float of the company's shares has reached 5%, Euroins said on Monday.

The increase in the bed capacity of the resort has far outstripped that of tourist visits. The number of hotel beds has risen tenfold in the past 8 years while that of holiday-makers is up only 50%.

Universal Properties brings to 14 the number of property funds licensed to operate in Bulgaria. They have already raised in excess of 100 million levs for investment in real estate.