A closed mixed auction for the sell-off of 700,000 rights from the initial capital increase of ERG Capital 3 REIT was held on the Bulgarian Stock Exchange today.

A total of 627,008 rights or 89.57% of the offered amount changed hands in 109 transactions. The funds generated on the position total 1.73 mln leva.

The minimum bid was 2.25 leva and the maximum – 4.00 leva. Each of the rights entiltles to the subscription of 1 new share with a face value of 10 leva and issue value of 20 leva.

The remaining 72,992 rights will be offered till July 3. Secondary trade with the rights also starts today, under the code R2ERGC3, and will continue till July 3.

At the moment on the BSE there is a bid on the position at 1.01 leva and no asks.

The fund is planning to implement five new projects in the near future – these are Yavor, Zagora, Gerena, Sofia Ring and Burgas Retail projects. Currently the properties acquired by the fund are on a total area of 54,186 sqm and it is planning to purchase some 14,825 sqm in the next couple of years.

Bulgarian-American Investment Fund AD controls 70% of the fund's capital and Frank Bauer and Michael Hansberg have 7.86% and 7.50% respectively.