Bulgarian Property Developments PLC hopes to raise up to £40m, by floating on the London Stock Exchange

The company hopes to raise funds in order to invest in six main property sites in Bulgaria. Five of the sites are in Sofia and are suitable for commercial development while the sixth in Bansko, one of the countrys most popular ski resorts, has been targeted for residential development.

Real estate consultants Colliers International say the assets of Bulgarian Property Developments have seen a 55.2 % uplift in value as of November 25.