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Sparks commentary - Fourlis Holdings

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Sparks - Fourlis Holdings

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Fourlis (ASE: FOYRK) – Sale of stake in South Sofia Ring Mall to Trade Estates REIC
Published by Russell Pointon

Fourlis has announced the disposal of its 50% holding in South Sofia Ring Mall, one of the largest shopping centres in Sofia, Bulgaria, to Trade Estates REIC, in which Fourlis has an associate holding of c 47%. The proceeds are £49.35m, equivalent to just under 25% of Fourlis’s market value.

Management states the disposal is aligned with the group’s strategic direction and its increased focus on its core operating activities and it has yet to determine how the proceeds will be deployed between the development of its retail operations and the reduction of net debt. At the end of March 2026, Fourlis had gross debt excluding leases of c €163m, cash of c €37m and lease liabilities of c €611m. Fourlis’s associate holding in Trade Estates is significant in the context of its balance sheet and Fourlis’s valuation. Please see our recent initiation note.

Trade Estates REIC is a research client of Edison Group.

 

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