Bulgarian Real Estate Fund secures a BGN 41m loan (POSITIVE)

19.11.2020 Source: BREF; FFBH

Bulgarian Real Estate Fund has signed BGN 41m investment loan agreement with Eurobank Bulgaria AD. The loan will be utilized in tranches for the purpose of financing of the construction works of the fund’s Sofia Tech Park project. The term of the loan agreement is until November 2029 with grace period for the principal until March 2022. The interest due on the loan is PRIME Business Clients plus 1.4% until the time of full utilization and 1.05% after that, but in total not less than 2.4% until the time of full utilization and 2.05% after that. Please recall, that in 2017, BREF has won the tender for the construction of an office building in Sofia Tech Park. According to the terms of the contract, the project should be completed before Oct’22. BREF has invested over BGN 30.5m so far in the project after in 2018 the company raised BGN 27.5m in an IPO on the BSE.