Local real estate investment trust Globex Estate Fund said it has drafted projects for office developments in Sofia and an upscale holiday homes complex in Sozopol, on the Black Sea. Construction should kick off in early 2008, said the company's executive director Ilcho Popov. The buildings are scheduled for completion in 2009.
The REIT announced last Friday it will make a public offering of 150,000 shares from its initial capital raise from BGN 0.5 to 0.65m. The shares will have a nominal and issue price of BGN 1.