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Park Reit Announces 2007 Financial Results
Park real estate investment trust (REIT) registered an annual profit of 5.73 million leva for 2007, 5.72 million of it generated after the mandatory re-evaluation of the fund’s investment properties as required by the law regulating special purpose vehicles. This means that the net result for 2007 is 12 000 leva, according to the company’s media statement, released on April 1.The REIT’s assets in 2007 grew by 9.8 million leva, reaching 16.2 million leva. By comparison, the fund’s assets at the end of 2006 were calculated at 6.4 million leva. The total book value of the REIT’s investment properties at the end of last year came to 14.1 million leva, up from 861 000 leva at the end of 2006.
Last year, Park REIT concluded a management contract for supervising the project for the development of a business building on Tsarigradsko Chausse. On March 6 2008, the fund signed a preliminary contract, amounting to 7.13 million euro, for the sale of a 4 450 sq m showroom and 500 sq m of underground garage space, which are part of the office building. Completion is due on December 31 2009.
The company’s property portfolio includes three land plots - a 4 275 sq m plot in Goroublyane borough, purchased for 2.75 million euro on March 17 last year with market value at end-2007 of 4.439 million euro; a 9 000 sq m plot in Malinova Dolina borough, bought on January 22 2007 for 900 000 euro with a market value at end-2007 of 2.22 million euro; and a 25 381 sq m plot in Yunets village near the town of Byala, acquired for 253 810 euro, with a market value at end-2007 of 537 698 euro.
Park REIT’s capital stock amounts to 9.7 million leva and the paid-in capital comes to 16.2 million leva. The fund’s market capitalisation as of March 31 this year equalled 11.66 million leva.
The company paid out as dividend 90 per cent of its 2006 profit for distribution, amounting to 60 300 leva, distributed among the holders of 9 720 266 shares. The latest transaction with the fund’s shares, concluded on March 21 2008, was for the sale of 850 shares, traded at 1.22 leva a piece.