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UK Fund Raises Capital for Bulgarian Property Sites
Updated: 2005-12-03

UK Fund Raises Capital for Bulgarian Property Sites

Bulgarian Property Developments PLC has proposed to raise up to GBP 40 M through the placing of new shares on the London Stock Exchange, the news service of the British bourse announced.

The funds raised will be used to exploit the potential of six main property sites in Bulgaria.

Since its initial public offering in January 2005, the Company has successfully assembled through 33 transactions a property portfolio in Bulgaria comprising of six main sites. Five of the sites are in Sofia and are suitable for commercial development while the sixth in Bansko, one of the country's most popular ski resorts, has been targeted for residential development.

Real estate consultants Colliers International say the assets of Bulgarian Property Developments have seen a 55.2 % uplift in value as of November 25.

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