Land plot near Sofia Airport

In March 2007, the Fund sold for EUR 2.11 million or EUR 145 per sq.m. its land plot, located near Sofia Airport. The plot’s area was 14,552 sq.m. and it was acquired in June 2005 for development of a logistic centre. Dynamic market conditions led to BREF’s receiving of unsolicited offer for the property, at price as high as three times the purchase price, and having discussed carefully the opportunity, the management of the Fund accepted the offer. The realized IRR of the investment, for the holding period was 112.5%.