Mel Invest Agricultural Land REIT Raises 15.3 Million Leva in Capital Increase

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Mel Invest Agricultural Land REIT Raises 15.3 Million Leva in Capital Increase

May 10 was the deadline for subscription of shares in the capital increase undertaken by Mel Invest Agricultural Land REIT.

The fund raised its capital from 14.044 mln to 27.96 mln leva (14.29 mln euros). Investors subscribed a total of 13.918 mln shares at a par value of 1 lev and issuing price of 1.10 leva. Proceeds run at a total of 15.309 mln leva (7.8 mln euros).

The fund intends to use the fresh resources to fund land purchases. Mel Invest will be looking primarily into regions where plots are already being leased out and there is demand for more land to be rented.

As at the end of February, Mel Invest controls a total of 37,697 decares, the bulk of the plots falling into categories 3 and 4 (respectively 42.05% and 29.37%), followed by category 5 and 6 (13.90% and 9.40%).

15,000 decares, or 40.71% of the land is situated in Pleven, 11.37% in Yambol, and 10.12% in Kula. The fund also owns large parcels in the areas of Levski, Boyanitsa and Varna.

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