The European Bank for Reconstruction and Development is planning to invest 15 Mln. Euro in a Bulgarian real estate investment trust, concentrated into developing industrial properties, announced See News. The bank said the project is pending final review.

The REIT will be established for the purpose of developing, acquiring, renovating, reconstructing, owning and managing real estate with a focus on industrial property, EBRD said in a press release. Other investors in the REIT will include Sienit Holding Ltd, a Bulgarian construction and property development company, and possibly another major financial investor. The talks (with potential partners) are still ongoing, Sienit Holding project co-ordinator Vania Yordanova told news agency SeeNews, going only as far as to reveal that it's a Bulgarian corporation partly owned by foreign investors. She added that the REIT will embark on a series of capital hikes until it reaches a target of around 60 mln Euro.