Investment Property - Olympia Complex

Original Investment Summary - 26/09/2008 Investment Property Olympia Complex

Low-priced apartments from €55,633 incl. VAT, white finish and free parking
Exceptional location between Sofia's university district and the dynamic Sofia Business Park
Construction of the €168 million Forum Sofia retail park to be built just four kilometres from Olympia Complex
Average 6% below market value according to an independent valuation by Amrita Consulting House. Including a 3.6% discount on list price
Low money-down deal with exchange deposits starting from as little as €11,127
Exclusive payment terms with completion expected in November 2010

Malinova Dolina is an exclusive green district 15 minutes south of Sofia's city centre by road and close to the attractive scenery of Vitosha Mountain.

What sets this area apart from other districts is its excellent location - nestled between the established university town on one side and the dynamic Sofia Business Park on the other.

Olympia Complex will be an eye-catching new development set in the heart of the Malinova Dolina. The buildings will form a complex of offices and a total of 250 residential apartments over two phases.

Total property prices start from as little as €55,633 including a 3.6% discount on the developer's list price - this price includes white finish, free parking, and VAT. This equates to exchange deposits starting from as little as €11,127 - an excellent price for a outstanding new development in this exclusive location.

The inclusion of white finish at completion is a real bonus, ensuring that this cost can be mortgaged by investors.

A major attraction of this district to the capital's inhabitants is the wealth of employment opportunities available in Sofia's expanding Business Park just four kilometres away.

Companies with a major presence include Motorola, Raiffeisenbank, Postbank, Schneider Electric, Novartis, Tetra Pak and Renault. These and other companies provide employment for approximately 10,000 people in the city earning salaries at 2½ times that of cities outside the capital.

It is no coincidence that property prices in the southern districts of Sofia have risen 20% since 2007 as a result.

We believe the immediate future will bring an exciting new dimension to this deal with a major new retail project - Forum Sofia - set to bring a further 700 jobs within four kilometres of Olympia Complex.

Increasing affluence in this area of Sofia has attracted the attention of Austrian developers Meinl, who in partnership with a Dutch developer plan to begin construction of the €168 million retail and entertainment complex close to the city ring road later this year.

Completion is expected in 2010, which will coincide with the completion of the first phase of Olympia Complex.