Bulland Investments, licensed to operate as a Real Estate Investment Trust (REIT) targeting primarily agricultural land, has promulgated in Bulgaria's Official Gazette the announcement for its initial capital raise. According to the prospectus approved by the Financial Supervision Commission, the capital of the REIT will go from BGN 500,000 to BGN 1 mln through the issue of 500,000 new shares with a par value of BGN 1 each. The rights for participation in the capital raise of Bulgaria's Bulland Investments will be traded February 15 through 28. Bulland was granted a REIT licence in January 2006 but has been shopping around for properties since September 2005. The company has already bought a total of 251 ha of agricultural land, said executive director Valentin Karabashev. The capital of the company could reach BGN 10 mln by the end of 2006, Karabashev also said. Insurer Euroins (BSE ticker: EURINS) is the biggest shareholder in Bulland with 30%. Bulgaria's other two REITs targeting exclusively agricultural properties – Advance Terrafund and Elana Agricultural Land Opportunity Fund, have amassed over 5,000 ha of agriland plots.