Tuesday 19th July 2005
Sofia so good for Lewis Charles
Hot on the heels of The Black Sea Property Fund and Orchid Developments, The Lewis Charles Sofia Property Fund has become the third company to announce plans to float on AIM and seek out property investments in Bulgaria inside of four months.
Expected to make its AIM debut in early August, Lewis Charles is believed to be seeking £50 million to fund its ambitions through a placing at 80p. A source close to the company says investor presentations are underway 'as we speak'. Panmure Gordon is acting as adviser and broker.
The company will offer investors exposure to the Bulgarian residential property market – more specifically, apartments and villas to be built in and around Sofia. Directors include Lord Howard of Penrith, deputy chairman of Lehman Europe, and MP Desmond Swayne, parliamentary secretary to Michael Howard.
Bulgaria-focused property funds certainly seem to be in vogue at the moment. In March Black Sea Property raked in a bumper £50 million at 20p, while Orchid’s shares were so in demand that broker Shore Capital opted to increase its offer by 50 per cent (to £20 million) in order to appease institutional demand. The placing was oversubscribed by six times the original fundraising level, and the 95p issue price was at the top end of the pricing range.
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