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Lewis Charles fund to raise capital for investment in Bulgarian properties |
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Latest News From The Bulgarian Property Market
Lewis Charles Sofia Property Fund, an investment company focused on investment in the Bulgarian residential property market and, particularly, apartments and villas to be built in and around Sofia, said Tuesday that it plans to float on the AIM segment of the London Stock Exchange, said news agency Dow Jones.
Lewis Charles Sofia Property Fund, an investment company focused on investment in the Bulgarian residential property market and, particularly, apartments and villas to be built in and around Sofia, said Tuesday that it plans to float on the AIM segment of the London Stock Exchange, said news agency Dow Jones.
The company was quoted as saying by Dow Jones that it will have the flexibility to invest in residential property elsewhere in Bulgaria if suitable opportunities arise. The fund will also have the ability to invest in land, and in property-backed and joint venture projects (which could include ski resort and golf course projects) with local and other partners (including banks).
The fund will have a maximum life of seven years expiring on September 27, 2012. The fund has secured purchase options over 954 properties (out of which 63 represent luxury villas, and 891 represent luxury apartments) to be built over 12 separate sites in central Sofia and its southern suburbs, said Dow Jones.
The fund's directors offer an array of expertise in respect of evaluating proposed investments including that gained in careers in portfolio management, banking for the Bulgarian National Bank and Banking Risk Management, said Dow Jones.
The company plans to issue shares at 80 pence per share and raise up to 50 mln pounds.
Bulgarian Property Developments and Black Sea Property Fund are the other 2 AIM-listed funds created for investment in Bulgaria's property market. |
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