Newly set up real estate investment trust Sopharma Buildings will invest EUR 14.6m in a housing development in Sofia, shows the IPO prospectus of the company that has been approved by the Financial Supervision Commission. The project should be completed in 36 months. Sopharma Buildings plans to finance its business with two capital raises by the end of 2008. After the law-prescribed BGN 150,000 hike, the company plans a BGN 5m increase by the end of Q1 and a third increase by the end of Q4. The fund also plans to raise an external resource of BGN 10m for the implementation of its investment program. According to the IPO prospectus, the pipeline can feature up to 100% of residential and office properties. The REIT will target the residential markets in Sofia, Plovdiv, Varna and Burgas. The fund was registered by investment company Nadezhda (30%), Ognian Donev (24%), Ventsislav Stoev (24%), drug maker Sopharma (10%), among other shareholders.