BREF SIGNS A NEW BIG TENANT

SIS инвестиционене посредник

Market Overview (09 Dec – 13 Dec)

The main Bulgarian index SOFIX decreased this week by 0.44% to 843.95 points. The broad index BGBX40 decreased this week by 0.26% to 166.20 points and BGREIT decreased this week to 213.07 points, down by 0.25%.

Corporate News

BREF (BREF) announced that they have signed with a new tenant for their Synergy Tower location renting out 1,353.84 sqm for 5 years to Redis Bulgaria. With that, the total occupation stands at 68.63%.

ImPulse Growth (IMP) announced that one of their portfolio companies, Tapline, is in second round of financing, which is expected to be completed by the end of the year. The round is for EUR 1.2mln and EUR 0.96mln were successfully raised during the first round. This valuates the company at EUR 5mln. The investment will allow Tapline to get access to debt financing in the amount of EUR 20mln, which would allow them to improve their technology to achieve scalability preparing them for international expansion.

Telelink Business Services (TBS) announced that they will be having a webinar on 17.12.2024 from 16:00 EET (GMT+2). During the event, CEO Ivan Zhitiyanov will present briefly the Group’s consolidated results for the first 9 months and updated estimates for the full year 2024, as well as its current business plan for 2025 and long-term financial projections until 2029. The event can be attended on https://tbs780.activehosted.com/f/172

Smart Organic (SO) announced that their sales till end of November are up 13% YoY where one of the main drivers was the success of the NaughtyNuts line reaching EUR 2.6mln sales, expected to reach EUR 3 mln by the end of the year. Additionally, they’ve reached sales agreements with sales chains Rossmann, EDEKA and REWE for 2025, which are expected to provide further push for their growth.

Economic News

  • The annual inflation rate increased to 2.1% in November, the highest in three months. This was primarily driven by rising costs for food & non-alcoholic beverages (4.1% vs 2.8% in October), alcoholic beverages & tobacco (6.4% vs 5.8%), and education (7.1% vs 6.8%). Meanwhile, price growth slowed for housing & utilities (2.5% vs 4.2%), restaurants & hotels (7.5% vs 7.7%), and miscellaneous goods & services (3.5% vs 3.8%). At the same time, prices for transport (-3.4% vs -4.7%) and communication (-3.9% vs -4.1%) continued to drop, albeit at softer rates. On a monthly basis, consumer prices rose by 0.6% in November, slowing from a 1.1% advance in October.
  • The trade deficit widened to BGN 1,840.2 million in October from BGN 925.8 mln the previous year, marking the highest shortfall since September 2022. Exports dropped 3.6% YoY to BGN 7,443.3 mln, dragged down by lower sales to non-EU countries (-18.9%), while exports for EU countries rose (6.8%). Meanwhile, imports advanced by 7.4% to BGN 9,283.5 mln, driven by increased purchases from EU (3.4%) and non-EU countries (13.3%). In the first ten months of the year, the country’s trade gap went up to BGN 9,882.7 mln from BGN 7,484 mln in the same period last year.
  • Construction output advanced by 6.3% YoY in October. This marked the strongest expansion since September 2019, as output increased for building construction (3.5% vs 0.3% in September) and civil engineering works (7.1% vs 6.4%).

Full article can be accessed here.