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Lewis Charles Sofia Property Fund Limited - Acquisition Lewis Charles Sofia Property Fund acquires land in and around Plovdiv Lewis Charles Sofia Property Fund Limited

Lewis Charles Sofia Property Fund Invests in two plots of land in and around the
historically rich city of Plovdiv, Bulgaria

Two plots of land acquired for Eur3.55m

> 17 luxury villas to be built on the first plot which is located within a

designated conservation area which has spectacular views of the Rhodopi

mountains
> The second plot is a disused tobacco factory which will be extensively

refurbished for mixed use with residential and commercial opportunities
> Permiting and planning consent has been already been obtained for both

sites
> Development of the first site is expected to commence before the end of the

year while development of the second site should begin at the end of Q1 2007

The Lewis Charles Sofia Property Fund ("the Fund")(Ticker: LCSS), the Bulgarian
residential property investment fund today announces two further major

acquisitions in Plovdiv, Bulgaria's second largest city. Plovdiv, which is one of the biggest transport junctions in Bulgaria, lies on the Pan European Transport Corridor No 4 connecting Germany and Greece.

The first plot is situated 2km from the centre of Plovdiv on which 17 luxurious villas are planned. The land plot is located on the historical national rowing club site and within a designated conservation area between the banks of the river Maritza and the Grebna Baza canal and with stunning views towards the Rhodopi Mountains. All building permits and associated consents have already been obtained and construction, which is expected to take c15 months, is expected to start before the end of 2006.

The second plot comprises a disused tobacco factory building which is located right behind the main shopping street in the heart of the bustling city centre and with views towards the 2nd century AD Roman theatre and the old town of Plovdiv. A new open plan state-of-the-art development will replace the existing building whilst at the same time reflecting the scale and proportions of the old building. The development will provide eight floors each of which will have 360 square metres of space, the building will be changed into luxury apartments and commercial facilities. Planning consent has been received and detailed designs on the project are well underway. Development of the project is expected to start at the end of Q1 2007.

The total cost of both plots is Eur3.55 million.

Both plots are to be developed by Westhill Investments, a well known investment advisory company and property developer which operate a number of investment funds and development projects in European emerging markets and the UK.

Stavros Loizou, Managing Director of Lewis Charles Securities, commented:

"We are very excited at these latest acquisitions in Plovdiv. To date the Fund has invested approximately 71% of the funds raised at launch net of all expenses, including these latest two purchases. These acquisitions highlight our strategy of buying the land first, both regulated and non regulated which will then allow the Fund to phase the developments as and when it seems appropriate."

"Westhill is first-rate company with which to work - they possess a wealth of market knowledge, have an established network of local contacts and demonstrate excellent project management skills", added Loizou.

"It's always rewarding to close a deal and deliver a decent return for investors, but there is more to the agreement than just the money, " said Dominic Hicks, Director of Westhill, who added, "There's a synergy and energy to the partnership - it's great to work with an organisation like the Lewis Charles Sofia Property Fund which understands the country and culture and appreciates what Bulgaria offers to property investors."

Source - http://www.iii.co.uk/news/?type=afxnews&articleid=5882145&action=article