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Equest Balkan Properties Buys Serdika Hotel
Dnevnik Daily, 09.01.2006
Equest Balkan Properties, the property investment company focused on commercial, retail and industrial property in South Eastern Europe and primarily Bulgaria and Romania, was quoted by the London Stock Exchange (LSE) as saying on January 7, that it has bought the Serdika Hotel in Sofia. The purchase price, payable in cash, is approximately 10 mln euro, including transaction costs, said the LSE. The Serdika, previously owned by insurer Allianz Bulgaria, is currently operated as a 3 star hotel with 131 rooms in a prime location in the city centre, said the LSE. Equest has entered into initial negotiations with 3 major international hotel chains to manage the Serdika after the current lease with a local hotel operator expires in May 2006, said Equest managing director Georgi Krumov. He withheld the name of the potential partners over confidentiality reasons but said the manager will be picked by the end of March. The fund intends to refurbish the Serdika hotel and the adjacent Sofia Film movie theater, adding shops and office premises. Equest expects to generate an annual return of 10% from the lease of the commercial outlets on the property, said Krumov. Equest was admitted for trading on the AIM segment of the LSE in 2005, having raised 140 mln pounds to invest in the target region. Equest said in mid October 2005 it planned to invest via its subsidiary Immofinance a total of 30 mln euro in a holiday village in Sofia's upscale neighbourhood Boyana and in a spa complex in the village of Banya, close to popular ski resort Bansko. The company is also building a luxury residential community, Embassy Suites, near the Bulgarian capital. see source
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