UK-based Black Sea Property Fund To Build Residential Complex in Sofia

Business | April 4, 2007, Wednesday // 00:00

UK-registered Black Sea Property Fund, which invests in real estate development in Bulgaria, said on Wednesday it bought a land plot on the outskirts of capital Sofia and planned to build a residential complex.

The fund, listed on the alternative investment market segment of London Stock Exchange, said it paid EUR 4 M for the 24,599 square meters plot in the Malinova Dolina district.

It also estimated development costs at EUR 7-8 M and a final value of the project of EUR 20 M at current prices.

Construction will be financed primarily through a loan drawn from a local bank, as well as deposits from off-plan sales, the fund said in a statement sent to the London Stock Exchange.

Black Sea Property Fund said it has already received a planning permission.

Construction will start in the second half of the year and will be completed in spring 2009. The fund will start selling property from the complex later this year.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Business » Be a reporter: Write and send your article

Advertisement
Advertisement
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria