Equest Balkan fund raises 140 million pounds for investment in Bulgaria

Dec 12, 2005 - Dnevnik

Equest Balkan Properties, a property investment company focusing on commercial property in Eastern Europe, primarily in Bulgaria and Romania, has successfully completed a placing with institutional investors which will raise 140 million pounds (before expenses) for the company upon its admission to the AIM market of the London Stock Exchange, said the RNS news outfit of the London bourse.

The RNS said the placing was oversubscribed, demonstrating a strong appetite from investors for commercial property exposure in Bulgaria and Romania and strong support for the company's highly experienced management and advisory team.

Equest said in mid October it planned to inject via its subsidiary Immofinance a total of 30 million euro in a holiday village in Sofia's upscale neighborhood Boyana and in a spa complex in the village of Banya, close to popular ski resort Bansko.

The company is also building a luxury residential community, Embassy Suites, near the Bulgarian capital.