Developer Bulgarian Land Development, which has its registered offices in Athol Street in Douglas, has announced it raised ?25 million through the London Stock Exchange.
It placed 23 million shares representing 92 per cent of its capital, on the Alternative Investment Market.
The placement, conducted by Seymour Pierce Ltd., raised cash for further investment in Bulgaria after several residential and vacation property projects in Sofia and Varna.
The fund is eyeing sites in other Bulgarian cities, as well as farming land, and sees investment yield at up to 30 per cent annually.
BLD's managers say they’re planning to raise another ?25 million in capital.
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