UK Firm Freezes Controversial Mega Project on Bulgaria Sea Coast

Business » PROPERTIES | June 30, 2009, Tuesday // 18:54
Bulgaria: UK Firm Freezes Controversial Mega Project on Bulgaria Sea Coast The controversial EUR 1 B project "Black Sea Gardens" has been frozen over the lack of funding. Photo by blackseagardens.com

Black Sea Gardens, the EUR 1 B project for a mega vacation complex on the Bulgarian Black Sea coast, has been frozen.

The news was reported by the Pari Daily which cites a report of the UK investor, Madara Bulgarian Property Fund Limited, a company listed on the London Stock Exchange.

The EUR 1 B project for a vacation complex close to the town of Byala has been designed by the UK architect, Sir Norman Foster.

At the same time, however, Bulgarian environmentalists have raised alarm over the environmental impact of the project, and the way the UK firm acquired the land through deals with the Bulgarian state.

The UK company has stopped the project and is looking for funding, and expecting to resume work on Black Sea Gardens when the conditions are better.

The Pari Daily reminds that at the end of 2008, Madara Bulgarian Property Fund announced it was looking for additional funding for its Bulgarian projects.

The Madara Bulgarian Property Fund Limited owns a total of 408 341 square meters close to Byala; its project provides for the development of a vacation complex of 200 000 square meters, which is part of a larger project of a total of 1,2 million square meters to include luxury apartments, villas, a hotel, commercial and entertainment facilities. BBT Projects is a partner of the Madara Fund.

In addition, the Fund has an agreement for acquiring a plot of 124 000 square meters close to the Bulgarian mountain resort of Borovetz.

Madara Bulgarian Property is going to be looking for partners in order to create a joint venture for completing its investments; the firm is even willing to sell some of its assets in order to provide funds for its investment activities.

 

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Tags: Byala, UK firm, Madara Bulgarian Property, Black Sea Gardens, Black Sea, Global Financial Crisis
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