Bulgarian Property starts trading on AIM (BU)

Bulgarian Property Developments PLC said its shares were admitted to trading on the AIM Market this morning.

BPD is a newly formed company which has raised approximately 4.5 mln stg before expenses under an offer for subscription which closed on Dec 15 2004. The board intends to undertake property development, trading and investment primarily in Bulgaria. The directors believe that prices in the Bulgarian property market, which have increased in previous years, will continue to increase over the next few years. The directors will also consider property market opportunities which arise in other south eastern European countries.

The company has purchased six plots of land on the ring road near Sofia airport. The directors also said they are in negotiations to acquire additional strategically situated parcels of land near Sofia.

The board said these investments may or may not realise a profit for the company in the current financial year but the directors believe they should provide a return in due course.

Source: Freeman

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