Property Blues? - Not in Bulgaria|
2008-07-07 18:56 News from News.bg
Everybody knows that property prices in the UK are heading south and that the spectre of negative equity is once again raising its head. Not so in Bulgaria, apparently.
Last week, Bulgarian Property Developments was shouting from the Sredna Gora mountain tops after it managed to sell its logistics park in the Black Sea town of Varna for EUR 15m (£11.9m), the valuation given to it by Colliers last Dec-ember.
That is important, says its chief executive, Ivo Hesmondhalgh, not only because it helps bump up the group`s cash position, but also because it goes some way to proving to investors that the group`s net asset value is sound.
Mr Hesmondhalgh was so chuffed, in fact, that he has decided to buy more shares in the group, a lucrative move since last Tuesday when BPD announced a 19p dividend. The shares closed on Friday at 51.25p, and investors still have until 11 July to buy before the stock goes ex-dividend, effectively meaning that buyers can pick up shares for about 32p.
Analysts say that the group trades at a significant discount and that the stock actually should be worth 56p given the net asset value. Moreover, if the group`s application to increase density in its major site in Sofia gets approval, this figure will rise to 71p.
Mr Hesmondhalgh only managed to get three hours sleep last Thursday night, after a disturbance at Sofia airport, from where he was travelling to his home in Barcelona, caused his flight to be cancelled. He should sleep more easily on the night of 17 July after the group pays the dividend.
This News is listed at news.Guide-Bulgaria.com
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> 2012-04-09 Tender for the Landmark Centre Varna is cancelled
> 2012-02-28 Bulgarian and foreign companies invest in their own factories and logistics centers
> 2012-01-18 Austrian investment company starts the construction of MegaMall shopping centre in Sofia
> 2011-12-01 Orchid Developments in renegotiations with Raiffeisenbank AG about a loan for construction of Business Centre Varna
> 2011-11-28 Bargain between Arco Invest and Cleves EOOD for properties in the Boulevard Residence in Sofia
> 2011-11-11 Greek joint-venture fund has bought the Kambanite Business Centre in Sofia
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> 2011-10-06 The Government approved the sale of 15 properties owned by Bulgarian Posts
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> 2011-09-15 Property investment and development company sales its entire portfolio in Bulgaria
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> 2011-09-14 Austrian bank opened a tender procedure for sale of the real estate company Melina
> 2011-09-13 Orchid Developments borrowed 21.4 million euro to complete the construction of Orchid Gardens Varna
> 2011-08-19 Real estate investment trust sells its Commercial Centre in Sofia