Equest Investments Balkans Limited, listed on the London Stock Exchange's alternative investment market, is continuing to divest more assets from the portfolio of companies it owns in Bulgaria in order to boost liquidity.

The investment company announced it has sold the former Rodakar plant, a 12 300 sq m retail warehouse property in the coastal city of Varna, to Creditanstalt Bulus, part of Unicredit Leasing, in a EUR 9,93 M deal. Following the sale of the asset, the company will use the proceeds to settle loans.

Equest Investment Balkans has been offloading its assets in Bulgaria for the last few months.

Recently, the company sold its controlling interest in Serdika, a development site in the centre of Sofia. The total consideration payable in relation to the development amounts to EUR 9.175 M in cash, of which EUR 7.34 M is attributable to its subsidiary Equest Balkan Properties (EBP).

Earlier in the year Equest also released its 21.2% share in the Bulgarian branch of the financial firm Uniqa International, as well as Avto Union.

Rodacar was one of the ambitious automobile building projects in Bulgaria. The attempt however failed after in the mid 1990s the British investor Rover set up a joint venture with the Bulgarian Daru Group in Varna, only to withdraw later because of a weak market strategy, high prices, and a stronger competitor in the face of Skoda.

The factory in Varna operated in 1995-1996, and produced a total of 2 200 Rover Maestro cars.