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The three largest Bulgarian banks to sell 'used-up' assets worth BGN 32.4 mln

2 min read Source: Klassa

From our news archive: this article was published in September 2010. Figures and rules may have changed since.

The three biggest Bulgarian banks have put up for public sale seized real estates worth BGN 32,449 mln, shows an inspection of Klassa on the websites of the leading financial institutions. DSK Bank is the winner in assets declared for sale. The financial institution has offered to the market immovables worth BGN 23.16 mln. UniCredit Bulbank ranked second in assets worth BGN 5.678 mln put up for tender, followed by the UBB with seized real estates worth BGN 3.606 mln.

According to the inspection, Bulgaria's banks put up for tender mostly apartments, villas, lands, fields and equipment. Among the attractive proposals figure entire factories and hotels. For example, DSK Bank has offered for public sale two hotels. The first is located in the resort of Batak Dam and is categorised under "spa hotel and restaurant” with a starting price of BGN 1.488 mln. DSK is also offering a hotel in the Nessebar municipality at the price of BGN 507,000. Some of the financial institution's attractive offers also include a confectionery shop worth BGN 135,000, a pig farm worth BGN 125,000, a real estate with a petrol station at a starting price of BGN 330,000 as well as a technology line for the production of aluminum tubes and profiles at the value of BGN 1.645 mln.

UniCredit Bulbank's offers for public sale refer primarily to apartments, houses and fields. UBB in turn seeks purchasers for a gas station at a starting price of only BGN 60,000 in the village of Zvanichevo, Pazardjik district. Some of the interesting proposals also entail hotel equipment from a complex in the Bansko ski resort. So far, the deals with "used-up" assets held by banks has not yet essentially impacted the prices of Bulgaria's immovables.

Meanwhile, according to imot.bg website, currently overall 738 hotels throughout the country have been advertised for sale. A total of 100 out of these are located in the Varna region and 151 in the Burgas district. The average price per sq m of the complexes varies around Ђ2,479 and the average value of a hotel stands at about Ђ1.3 mln.

Originally published by Klassa.

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