Galaxy Property sells stake in Agro Finance

Galaxy Property Group, Bulgarian property investment company based in Plovdiv, sold 21.6%, or 6, 969,431 shares, in real estate investment trust for BGN 7.1 mln. The buyer of the share was not disclosed. Other shareholders of REIT are German Caceis bank Deutschland (21.17%), the pension insurer Doverie (20.9%) and Allianz Bulgaria with minority share.

The sale of Galaxy"s stake in Agro Finance was further implied by the lack of a quorum at the assembly of the REIT"s shareholders on Monday, who had to elect a company representative for the board of directors of local agricultural land fund Lion. According to the fund, representatives of Galaxy were not present at the meeting.

As at end-September, Agro Finance's investment portfolio comprised of 130,000 hectares of agricultural land, while its investments came in at BGN 37 million.