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  EQUEST INVESTMENTS
BULGARIA ltd		 EQUEST BALKAN
PROPERTIES plc 		 
EQUEST INVESTMENTS BULGARIA ltd
 
  

 

EIB has strategic majority or significant minority holdings in companies operating in target sectors of Financial Services, Property Development and Retail including:



Novera

Novera acquired the three concession holding companies for waste collection and transportation in Sofia in March 2007. Novera is also acquiring other activities related to waste management and infrastructure services that are provided in Bulgaria and in the future for the broader Balkan region. The Companies provide waste collection, street cleaning and snow clearing services to the Municipality of Sofia in Bulgaria. The current infrastructure has been built up over the past 10 years and consists of more than 350 waste collection trucks and other vehicles, and over 1,800 employees.
The consideration for the acquisition is made up of ˆ45 million in cash, with up to a further ˆ10 million payable in cash dependent on the performance of the Companies in 2007. The initial cost of the acquisition of ˆ45 million is being financed through a commitment of ˆ25 million by EIB and a mezzanine debt facility of ˆ20 million from Accession Mezzanine Capital.


Vitosha Insurance

EIB has a 65% equity holding in Vitosha Insurance, the fifth largest insurance company in Bulgaria established in 1997 with operations in life and non life insurance. Vitosha has a defensive insurance portfolio in Bulgaria and has a track record of limited losses on its portfolio. In August 2005 Equest signed an agreement with UNIQA Insurance, Austria 's largest insurance company on a s trategic partnership in developing Vitosha as well as in UNIQA's equity participation in Vitosha, initially at 20% with stepped plan for achieving a controlling holding in Vitosha.


Pelican Retail EAD

EIB has a 100% holding in Pelican Retail Holding, a retail centre developer, that has acquired a portfolio of four development sites for conversion into retail centres. Additionally the company is continuously seeking new opportunities in developing retail sites for the growing retail market in Bulgaria . The acquired sites represent currently some 6,500 m2 in former cinem a s pace – Serdika, Evropa Palace , Urvich, and Iztok – at prime locations in Sofia which the company aims to develop into European standard retal centres during 2006.

Immofinance
EIB has a 100% holding Immofinance, a residential and second homes developer in Bulgaria with current and expected development land rights for developing up to 150,000 m2 in residential and tourism developments in the country. The principal project of Immofinance include the Embassy Suites residential project in Sofia, where the company has invested in a development of 28,000 m2 in residential homes in a gated community, Boyana Park a new residential 35,000 m2 development in the residential suburbs of Sofia and Banja SPA and Hotel, a mountain tourism project for up to 40,000 m2 in the Pirin Mountains in Bulgaria. Immofinance has an ongoing program for acquiring additional development land in order to build its development inventory for new development projects in Sofia , the mountains and in select locations on the Black Sea.

Avto Union
EIB has a 80% holding in Avto Union, a holding company for a number of Bulgarian companies with rights to import and distribute leading automotive brands and products in Bulgaria . Companies held in Avto Union include Auto Italia, with sole distribution rights for Fiat and Lancia cars, Milano Motors with sole importer rights for Alfa Romeo, Piaggio, Gilera and Vespa motorbikes and motorcycles, Star Motors, sole importers of Mazda cars for Bulgaria and Bulvaria joint importers of Opel and Chevrolet cars for Bulgaria . Additionally the company owns Motobul, the sole importer of BP and Castrol lubricants for Bulgaria with a 20% markets shares in the country and AVIS Bulgaria providing rent-a-car and fleet services for the Bulgarian market.

Familia Stores

EIB has a 31% holding in Familia Stores, one of the leading local operators in food retail. Familia is positioned in the convenience store segment of the food retail market. The company has today some 20 stores in Sofia and is currently developing 18 new stores in Sofia prior to establishing a national network of stores in Bulgaria . Familia has a key focus and is one of the market leaders in providing fresh quality produce to its customers, which represents more than 50% of the sales in the Familia stores.