Bluehouse Accession Property Plans Expansion in Bulgaria, Romania

Mar 4, 2006 - Novinite.com

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Cyprus-based Bluehouse Accession Property, a real estate company that invests in EU accession hopefuls such as Romania and Bulgaria, announced plans to raise GBP 100 M (USD175.6 M) and float on the Alternative Investment Market of the London Stock Exchange, or AIM.

The company intends to use the proceeds of the placing to develop new and existing projects.

Deutsche Ban has been nominated adviser to Bluehouse's placing, while Evolution Securities - co-lead managers.

With its steady economic growth, upcoming accession to the European Union and more businesses due to step on its market, Bulgaria has experienced high demand for quality property over the last few years.