News blog
Bulgarian Property Developments
- BY: Andrew Hore |
- POSTED: 03/03/2009 |
A new valuation values Bulgarian Property Developments’ property portfolio at £54.8m, or 50.6p a share.
BPD also says that it will pay a 4p a share dividend if Windsorville Investments’ 16p a share bid does not succeed. Further payments will be made when assets are realised.
The defence document from BPD says that Colliers CRE has valued the portfolio on a current value basis. The Sofia Central commercial site accounts for £26.8m of the valuation. BPD also has £8.7m in cash, or £11.6m including money in escrow.
BPD’s NAV is 56p a share, while an increase in the planning density of the Sofia Central site would add another 19.5p a share to the NAV.
All this makes Windsorville’s offer appear mean. Windsorville already owns 35.6% of BPD.
At 17p a share, BPD is valued at £18.4m.
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