The Veliko Tarnovo STUDENT CITY is a new modern student housing project to be located in the picturesque city of Veliko Tarnovo, Bulgaria (“the Project”). The Project will include studio apartments, which will accommodate one or two tenants per apartment on a monthly rental basis.
The students will have access to public service areas such as study rooms and a fitness studio at NO extra cost while utilities, such as electricity, telephone, Internet service, Cable TV, a laundry room, and more, will be provided at extra cost. The completed project will consist of 1,376 units, each with a gross area of 51 m². Each of the apartments will be fully furnished to include a: bed, sleeper-couch, desk table, bathroom, kitchenette, closet, heating and air-conditioner, TV & telephone, etc. Common services will include a free parking area, fitness studio and a swimming pool.
As part of the Project, the Promoter will build a 3,000 m² Shopping Mall, which will include a supermarket, food court, drug store and a books store.
Currently, the number of beds available in the university residences is approximately 1,700, most of which are located in buildings built more than 40 years ago. The university owned accommodation is of poor quality and does not satisfy the needs as far as quality and quantity are concerned. Around 11,000 students are registered in the University out of which more then 80% are not permanent residence of Veliko Tarnovo.
The investors will have the opportunity to invest in one or more shares of the Company that will own the Project. Each investor will be allocated the number of Ordinary Shares in the Company according to his investment participation, on the basis of one (1) Ordinary Share in the Company for every single Euro 37,000 investment. The issued Ordinary shares of the Company shall reflect at any time the number of apartments the Company has purchased from the Promoter in the Project, where one (1) ordinary share in the Company equals to ownership entitlement rights in any one (1) apartment in the Project.