Advance Terrafund REIT definitively acknowledged as sole owner of appetizing property in Stara Zagora


With a Ruling from 27 December 2011 of the Superior Court of Appeal (SCA), a property with area 1.065 hectares in regulation within the city of Stara Zagora remains entirely and definitively the possession of Advance Terrafund REIT. After three years of litigation at all kinds of court instances, it is finally time for Advance Terrafund REIT to make use of its property.

In 2006 the company purchased these 1.065 hectares at the entrance of Stara Zagora, in living quarters Zheleznik, next to stores Technomarket and Praktiker. The property was acquired from the former owner Municipality of Stara Zagora in an open tender procedure. In 2007 Advance Terrafund signed a contract for construction of a commercial centre with area of over 25,000 square meters on this property, which was terminated due to the arising dispute with a third party. The property is in a very attractive and communicative location in the city, in immediate proximity to Zheleznik and the road to Stara Zagora Mineral Baths.

The Ruling of SCA is definitive and not subject to appeal.


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