Notifiable Interests

RNS Number:7844L
Bulgarian Property DevelopmentsPLC
08 November 2006

FOR IMMEDIATE RELEASE                                           8 NOVEMBER 2006



                      BULGARIAN PROPERTY DEVELOPMENTS PLC


                  NOTIFIABLE INTERESTS IN THE COMPANY'S SHARES



Bulgarian Property Developments Plc has been notified on 6 November that New
Star Asset Management holds a notifiable interest in 9,143,182 ordinary shares
in the company as follows:


Following a transaction in Ordinary shares of 25p each of Bulgarian Property
Developments Plc ('the Company') on 24th October 2006, New Star Asset Management
Limited is interested in an aggregate of 9,143,182 Ordinary shares in the
Company representing 12.61% of the issued share capital of that class. This
percentage figures is based on an issued share capital of that class of
72,540,657. The shares are held as follows:



FUND NAME                                                 NO. OF SHARES HELD

New Star Zero Portfolio                                   175,000
New Star Global Strategic Capital Unit Trust              3,000,000
New Star UK Strategic Capital Unit Trust                  2,250,000
New Star Diversified Strategic Capital Unit Trust         1,850,000
New Star Financials Hedge Fund Limited                    768,182
Lyxor/New Star Financials Hedge Fund Limited              70,000
New Star Global Financials Fund                           1,030,000


New Star Asset Management Limited does not hold any shares beneficially, but
holds them as an investment manager acting on behalf of the discretionary
clients.


The Company has also been notified on 6 November 2006 that MLP Investments
(Caymans) Ltd has ceased to have a reportable interest in the share capital of
the Company.




Enquiries:

Bulgarian Property Developments
Ivo Hesmondhalgh (Joint Chief Executive)                    [phone]

Bulgarian Property Developments
Philip Pashov (Joint Chief Executive)                         [phone]

Cubitt Consulting
Brian Coleman-Smith / Nia Thomas / Allison Reid             [phone]





Notes to Editor:

Bulgarian Property Developments:

Bulgarian Property Developments floated on AIM in January 2005, raising #4.2
million net. A further #32.9 million net was raised in January 2006. The Company
is primarily focused on commercial property development and, in particular,
building distribution centres, retail parks and offices in Bulgaria as opposed
to residential.


A strong management team with cultural knowledge and connections in Bulgaria has
been recruited and the Company currently has ongoing developments in Sofia,
Varna, Plovdiv and Pleven.


Background on the Bulgaria and the Property Market:


Bulgaria is in a transitional period, moving from a command to a market economy.
Bulgaria is joining the European Union in 2007, which should be favourable for
the Bulgarian property market. Bulgaria joined NATO in 2004. The Bulgarian
economy is growing strongly and Bulgaria is a politically stable country. It
continues to develop with GDP growth estimated for 2005 of 5.4%. The Lev has
been pegged to the Deutsche Mark since 1997 and the Euro since the Euros
introduction as Euro 1: Lev 1.9558.






                      This information is provided by RNS
            The company news service from the London Stock Exchange

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