Phoenix Capital Holding AD made an offer to acquire remaining 48.89% stake in Exclusive Property REIT-Sofia (BUL:5EX) for BGN 6.7 million in last month. As part of the acquisition, Phoenix Capital Holding AD will acquire 4.6 million shares in Exclusive Property REIT for BGN 1.30 per share. As of March 19, 2020, Phoenix Capital Holding increased the offer price to BGN 1.45 per share from BGN 1.30 per share.

As of April 3, 2020, Bulgaria's Financial Supervision Commission (FSC) banned the publication of a buyout offer by local group Phoenix Capital Holding.