EQUEST ACQUIRED 33.5 % OF RILA – SAMOKOV 2004 JOINT STOCK COMPANY

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Equest acquired 33.5 % of Rila – Samokov 2004 Joint Stock Company
The investment company Equest Investments Balkans Ltd (EIB) announced that it has acquired strategic indirect shares of 33% of Rila Samokov 2004 JSC – the company which will develop the Super Borovets project and possess land plots in the resort

According to the contract, EIB acquires 33,5 % shares in Rila Samokov, which has 1 977 131 land plots for construction in the resort. EIB invests 25,9 million Euro cash, which includes payment for shares and capital contribution in Rila Samokov.

EIB possess 50% of Borovets Invest NV, holding company, which possess 67% of Rila Samokov. An international institution works in partnership with Equest for the Super Borovets project. The rest of the shareholders are Samokov municipal (with 25% share) and the construction company Glavbulgarstroy (8%)

Super Borovets is among the biggest investment projects in Bulgaria. During the next five years it plans the construction of a total number of 653 815 apartments, hotels, trade centers as well as the adjoining infrastructure, including 36,5 km ski slopes.

At the moment Borovets offers 42 km ski pistes. The majour terrains of Rila - Samokov are situated in four regions – Borovets (1 100 m above the se laevel), Banderata (1 460 m), Gvardeiska polyana (1 620 m) and Byalata polyana (the White Meadow 1 310 m)

The project is divided in two majour phases, and is planned to start in September and to be completed in 2012. The total costs of the construction works are expected to reach approximately 566 million Euros. Rila Samokov plans to finance the project with loans and off plan sales of properties. The project has received all necessary documents and permits to start the first phase.

This project is the ninth investment in Southeastern Europe. Equest showed interest in the Super Borovets project in March this year, when the investment committee of the company decided to buy stocks from Rila - Samokov.

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