Bulgarian Property Development (BPD) intends to take advantage of Bulgaria’s impending admission to the EU in 2007 by investing, trading and developing in property in the country’s capital, Sofia.

Hesmondhaugh’s has a three-pronged strategy to build luxury residential apartments to attract the country’s growing middle class and European investors, develop commercial buildings for international retailers and businesses, while also building up a substantial land bank. Currently, foreign investors cannot own land unless they set up a Bulgarian-based company.

The company wants to raise up to £10 million but it is bypassing the institutions and is looking to tap high net worth individuals through its advisor Matrix Corporate Finance. ‘AIM would be good to list on, but the costs of joining it are very high,’ says Hesmondhaugh. ‘The Ofex news has only just hit so we’ll wait and see on that.’