CLS Holdings has upped its stake in Bulgarian Land Development to 28.65%, it emerged this afternoon

CLS, which is led by Sten Mortstedt, has agreed to buy a further 7.2m shares at 100p each in a private placing conducted by the AIM-listed developer’s broker, Seymour Pierce.

Bulgarian Land Development specialises in developing residential and commercial property across Bulgaria’s large cities and tourist hotspots.

Construction of its first residential project consisting of 199 villas and flats on the Black Sea coast, is due to begin before the end of the month. The development is already 35% presold.

In addition to the subscription, CLS today announced that its chief executive, Per Sjoberg, would become non-executive chairman of Bulgarian Land Development following the execution of the placing.

Mortstedt said: ‘I am happy at the progress that Bulgarian Land Development has made since its flotation in March 2006 and our further participation shows our confidence in the region, the company and its management.’