Bulgaria's FSC allows Intercapital Property Development to seek listing of cap hike issue

Intercapital Property Development REIT increased its capital to 27,766,476 levs ($16.8 million/14.2 million euro) though the share issue, the regulator said in a statement on Tuesday.

The company raised 21.755 million levs through the capital increase, as all shares were acquired by local Marina Cape Properties, which now owns a 78.35% stake in the REIT.

The funds will be used for the reconstruction and expansion of the company's investment property in the town of Aheloy, on Bulgaria's Black Sea coast, the company said previously.

(1 euro = 1.95583 levs)