Bulgarian Real Estate Fund (BREF) signed a preliminary agreement to sell the G. M. Dimitrov Blvd. project, an office and commercial building located near the roundabout for one of Sofia’s main traffic arteries, Tsarigrandsko Shosse. The building is under construction and is planned to have ten floors with offices and a two-level underground parking area. The total build-up area according to the contract is 12 988 sq. m. and the sale price is EUR 17.5m, or EUR 1347 per sq. m. The negotiated price will be paid in installments based on the level of completion. The target date for the conclusion of the project is the beginning of next year. The timing and the price tag of the transaction was in line with our expectations and does not affect our target price of BGN 2.51 and our BUY recommendation. The company purchasing the building is Bridgecorp Seven, a subsidiary of Bridgecorp AD, which is the owner of the Landmark portfolio. Yesterday, Bridgecorp announced that is it is going to sell Landmark’s real estate portfolio to Alfa Developments, a wholly-owned subsidiary of Alfa Finance Holding.