On the EGM, held on 5 October, the shareholders of Bulgarian Real Estate Fund (BREF) approved the proposal for the distribution of EUR 7.8m of dividends (DPS of EUR 0.225) from retained earnings. Note that as this distribution is purely from retained earnings, it doesn’t take into account the significant positive effect on distributable earnings from the Kambanite sale (EUR 17m), which will impact the 2027 dividend. When accounting for the EUR 0.232 dividend, approved on the AGM in June, the annualized dividend yield stands at 16.6%.