Bulgarian Land perks up on revaluation
2007-03-01
LONDON (SHARECAST) - Bulgarian Land Development, the residential and commercial property developer, perked up today after revealing a much improved revaluation of its portfolio.
A revaluation by Cushman & Wakefield shows a 37% increase in its net asset value per share to 109p from 81p at the year end of 31 December 2006.
Unaudited net present value at the same date is 129p including the discounted value of profits anticipated by Cushman if certain of the sites are developed out.
“Much of this increase is attributable to our ability to spot off-market opportunities where we can then bring to bear our planning improvement skills,” said chief executive Christo Iliev.
In an update on its activities Bulgarian Land also said its development portfolio has a completed development value of £163m with 82% of the net proceeds received from its IPO last March now committed.
The group expects to use the rest of its cash pile over the next few months. “BLD is in negotiations regarding additional property acquisitions and further announcements will be made in due course,” added Iliev.
The group added that 37% of the units at its Harmony Hills development at Kavarna Property, 94% of the 32 units at Paradise View in Sozopol and 38% of the 37 units at Evridika Hills in Pamporovo have all been reserved.
Created with ShoutPost
