ERG Capital – 3 successfully completed the first stage of the development of the Zagora commercial real estate project in Stara Zagora. The built area of approximately 15 400 square meters is rented by the Bulgarian furniture retailers Aiko and Mobbo. The property is located on Patriarh Evtimii Boulevard adjacent to the Baumax hypermarket.

The Company intends to complete the second stage of the Zagora development in July 2009. The tenant will be the Slovenian food retail chain Merkator. The total investment in the Zagora project is BGN 22,5 million. After completion the Company will receive rents in the amount of BGN 3,2 million per annum.