Sun, Nov 22 2009

BREF REIT prepays 20.16M leva loans

Wed, Oct 22 2008 10:41 CET bydnevnik.bg 175 Views

Bulgarian Real Estate Fund, the local real estate investment trust (REIT), has prepaid two loans from Eurobank EFG Bulgaria, worth a combined 20.16 million leva, to avoid interest payment, the head of the fund's project manager Kaloyan Ninov said.

The loans financed the purchases of 78 000 sq m of land plots in Sofia's Mladost district and a building in the Borovets resort complex in the town of the same name.

The company sold some of the properties to repay the bank loans, which both bore floating interest rates based on the Euribor inter-bank interest rate.

The REIT has taken another seven million leva loan from Eurobank EFG Bulgaria to buy stores in Varna and Sofia, now rented out to do-it-yourself retail chain Mr. Bricolage.

Source: Dnevnik.bg

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