Nevertheless, the capital hike was considered successful because more than half of the shares were subscribed at an issue price of 2.25 leva and a par value of 1 lev, in line with the company’s prospectus. The REIT's share capital is now 55.83 million leva.

Bulgarian real estate investment trust (REIT) FairPlay Properties raised 11.5 million leva in its fourth capital hike, just over half of the shares on offer, the company said in a statement on March 10.

A total of 5.126 million shares have been subscribed and paid, which accounted for 50.55 per cent of 10.14-million issue.

Nevertheless, the capital hike was considered successful because more than half of the shares were subscribed at an issue price of 2.25 leva and a par value of 1 lev, in line with the company’s prospectus. The REIT's share capital is now 55.83 million leva.

The amount raised was enough to finance the projects that the company has already announced, executive director Manyu Moravenov said.

The company’s 2007 audited balance showed a 13-fold growth in net profit to 8.87 million leva, which will be distributed as a dividend of 0.1433 leva a share.

In January, the REIT acquired a 62 743 sq m plot in Sapareva Banya at the price of 4.5 million leva. The company plans to develop holiday complexes and balneotherapy recreational centres in the area.

FairPlay’s shares slid 1.79 per cent to 2.2 leva a share on March 10.