Real Estate News

12.10.2007 460 Billion euro spent for commercial projects in 2007

From January to October 2007 six large-scale commercial projects in Bulgaria alter their owners for a total of about 460 million euro. The largest deal so far is the gain of Mall Varna. Scottish Miller Developments payed 120 million euro to the local Interserviz Uzunovi for the high-quality craft centre in the coastal city of Varna.
Porche Business Centre, situated close to Sofia Airport, changed its owner as well. Landmark Property purchased the business development from Orchid Developments for the cost of 13 million euro. Landmark enlarged their portfolio with another business development, Hyundai Business Centre, located on Sofia's ring road, close to Business Park Sofia. The investor, Industrial Commerce, dealer of Hyundai for Bulgaria, sold the business centre, which is still under construction, for the value of 22 million euro. The new owners will change the name of the building to Sofia Business Centre. Hyundai's retailer will keep the show room and the service premises.
General Electric and the Irish investment fund Quinlan Private purchised Mall Plovdiv for 100 million euro.
The Austrian CA Immo International expanded on the Bulgarian real estate market by acquiring a third business development. Soravia Bautrager, also an Austrian company, sold Megapark Soravia to their replica for 96 million euro. The commercial centre, equipped with offices and retail areas, situated on Tsarigadsko Chausse Blvd, is set for completion by the end of 2009. Its gross actual area is expected to reach 90 000 sq m.
There is already a contract for the buy of Business Park Varna, 24 Chasa Daily reports, quoting the important investor in the project, Hristo Georgiev. Africa Israel Investment Europe, a company owned by the Israeli billionaire Lev Leviev is acquiring the business centre for an undisclosed come to, which some claim to be in the ballpark of 76 million euro.
It is possible that a few other large-scale deals will be sealed by year-end, experts announced. Usually, the preparation of such deals takes a long period of time and neither of the parties likes to share information in advance of abolition.
The number of investors in business and commercial real estates aiming to sell a complete and functioning project is increasing.
European Convergence Development Company, the major investor in Galleria Plovdiv mall, said they are looking for

11.10.2007 A 75-million euro project has been entrusted to Spanish FCC

Currently, FCC is constructing the Vidin-Kalafat Bridge, which will bind Bulgaria and Romania. The investment is estimated at 116 million euro. Bulgaria's Мinistry of Transport has assigned the construction of a railroad and highway on the Vidin-Kalafat Bridge. The project will cost 75.1 million euro and will embrace:
• building a 16.3-km-long railway with individual electricity provide and auxiliary illumination equipment, creating control, signage and telecommunication systems, setting up a new international station of craft, rehabilitating the existing one which is for passengers and erecting three new adjoining edifices;
• building a 6-kilometre-long highway with two lanes in each direction and four junctions, and the building of eight bridges overpassing the railroad and highway.
Currently, FCC is constructing the Vidin-Kalafat Bridge, which will connect Bulgaria and Romania. The investment is calcullated at 116 million euro. The so-called Danube II Bridge, which is to get a part of the Corridor IV (Dresden- Istanbul), will be 1 971 m long. It was designed jointly by specialists from Fernandez Casado S.L. and the Technical Service department of FCC Construction.
FCC, through its Austrian affiliate Alpine, has recently won another project to develop two purification plants in the town of Sevlievo and Bourgas' Meden Rudnik district. The work will embrace design, construction, providing the necessary equipment, launching the installations and staff training. The amount of the investment will exceed 15 million euro.
The Sevlievo institution will serve 53 300 people residing in the town and nearby municipalities. The one in Bourgas, situated on the coastline, will purify the residual water of 56 800 citizens

10.10.2007 Developers break ground for extension of Bulgarian ski resort Borovets

Borovets Invest, a joint venture between investment fund Equest and Oman investors, owns 67% of Rila Samokov 2004. The Samokov municipality controls a 25 per cent quota. The much-anticipated expansion of Bulgarian ski resort Borovets, dubbed the Super Borovets project is underway with the ground-breaking ceremony for a lift connecting the city of Samokov with the Markudjik ski runs kept today.
The resort will be developed into a predestination primarily targeting Bulgarian year-round holiday-makers, announced the company official.
According to the expansion blueprint, construction denseness will be 20 per cent. The new hotels that will be added will have built-up area of 100 000 sq m. The total area of the planned vacation homes is around 400 000 sq m or no more than 4000 units.
The first of the project's two development stage should be completed within two years at a cost of around 650 million euro. A substantial portion of the investment resource will be borrowed.
The first stage will focus on the development of infrastructure like skiing facilities, ski runs and buildings at lower altitude.
Work on adding a total of 40 km of new ski runs will begin in March-April 2008.
The second phase of the project, embrasing the construction of the higher-altitude hotels, should be concluded by 2012.
The developers will ask an international competition to pick a project manager. The main building contractor for the resort enlargement is local construction company Glavbolgarstroy which owns a 8% stake in the project.

09.10.2007 ECE projektmanagment to develop Cherno More Park in Varna in Bulgaria.

Inside city shopping center developer ECE Projektmanagement would develop a first-class shopping center in Varna, Ukrainian web site www.dah.kiev.ua announced on October 9.
Quoting company sources, the site announced the project named Cherno More Park with its more than 54 000 sq m of leasable area, more than 220 high-quality shops, and about 2300 parking lots, would create an attractive shopping location in Varna.
The total investment in Cherno More Park would reach 150 million euro and the park should be completed by 2010. It would be situated on Vladislav Varnencki Boulevard, an important road section in Varna.
In Bulgaria, ECE was already working on other two vaste-scale projects, both in Sofia. The Serdika Center with a leasing area of 50 000 sq m and 35 000 sq m of office space were due to launch in late 2009.
The company was building the Europe Center Sofia, a major part of the Europe Park Sofia, which would emerge in the heart of the city. The shopping center would suggest about 70 000 sq m of retail space and thus be the biggest inner city shopping gallery of Sofia.
Another highlight of Europe Park would be the Europe Tower. The 40-storey office tower that would be more than 180 metres high, making it the tallest building in the country. An international argue for the architectural design and urban integration of the Europe Tower was held in June and was won by the German architectural firm HPP Hentrich-Petschnigg & Partner.
Recently the InvestBulgaria Agency awarded Europe Center Sofia with the certificate of a First Class Investment.

08.10.2007 New investors interested in property market in Bulgaria

The real estate expo BalPex in Sofia display that interest in property in Bulgaria is strong and growing.
Investors from the UK, Ireland and Spain all showed interest in local developments and real estate, Dnevnik daily announced.
More than 100 firms took part in the expo. Most participators were from Bulgaria, despite the organisers’ efforts to attract companies and developments from the whole region. Nearly half of the participators were construction and investment companies, one quarter were real estate firms. Nine banks and credit institutions took part in the expo.
Most of the developments shown were residential properties and luxurious properties in costal or mountain resorts. Even whole hotels were offered for sale, Dnevnik reported.
According to the organisers, Balpex was becoming a meeting point of specialists for establishing business contacts, researched in diversefields and personal contacts, at the expense of property purchase.

06.10.2007 First hole of Bulgaria's super Borovets to be turned on October 8

Super Borovets project would finally be launched as the first sod would be turned on October 8 2007, reported Rila-Samokov 2004, the company which manages the project.
The project envisioned the broadening of the existing mountain resort of Borovets by the construction of new hotels, 40km of new ski runs, lift and related infrastructure, supporting equipment and sports and entertainment facilities, investor.bg announced.
Partners in Rila-Samokov 2004 are Borovets Investment (67 per cent), Samokov municipality (25 per cent) and Glavbolgarstroy (8 per cent). Borovets Investment consortium comprises of Equest Balkans Ltd and the state fund of Oman.
Equest entered the project in July 2007 after a purchase of 35.5 per cent of Rila-Samokov 2004, investor.bg announced.
Rila-Samokov 2004 reported that the Super Borovets project obtained all permits necessary for the launching of its first phase.

05.10.2007 Pipeline bourgas-Vlore to pass through Giueshevo

At its regular session Thursday, the Bulgarian government has gone a step further in outlining the route of the Bourgas-Vlore oil pipeline with a resolve that it crosses the Bulgarian-Macedonian border off Giueshevo border checkpoint, the press office of the government announced Thursday.
The trans-Balkan pipeline is part of the pan-European transport-energy corridor eight, a system the Europian Union has granted priority during the past year.
AMBO, the company tipped as operator of the oil pipeline plan, is yet to agree on the starting point of the pipeline. The preferred option for the time being is a small port near the southern resort of Pomorie.
On a related note, work on the other oil pipeline project, to interconnect the port of Bourgas with the Greek port of Alexandroupolis, has reached a stalemate, sources close to the matter announced mediapool.bg.
After the last end-August meeting in the Athens, the parties to the project – Bulgaria, Greece and Russia, agreed in principle to meet in the middle of September. However, no meeting has been scheduled to date.

04.10.2007 193 km of a newly constructed segment of the Trakiya highway between Bulgaria's capital and Bourgas to open

The official opening of a newly constructed segment of the Trakiya highway between the village of Svoboda and Stara Zagora will be held October 5 2007.
The solemnity would start at 12.00 at 193 km from Sofia in the direction of Bourgas, Dnevnik daily quoted the construction company Trace Group Hold.
The highway passes south of Stara Zagora. The opening of the new segment coincides with the feast of the city on October 5.
Expected to attend the official opening ceremony were Prime Minster Sergei Stanishev and Regional Development and Public Works Minister Assen Gagaouzov, Dnevnik announced.

03.10.2007 Property expo to show Bulgaria's property market novelties

More than 100 firms from Bulgaria and the region will take part in the second edition of the real estate and zoning plans expo BalPEx.
A number of new residential developments will be presented during the expo, among which the 22 000 sq m Winslow Gardens plan in Manistirski Livadi residential district and Balnea Hills in Gorna Banya district.
Among the vacation developments to be presented are KIK Mountain Village in Dobrinishte, which embraces 11 two-story houses and a hotel of 20 rooms.
A luxury holiday complex in the coastal town of Pomorie will also be presented. The complex offers 78 apartments of 35 to 100 sq m of area.
Business Town Sofia will be among the developments in focus in the businessproperty sector. The complex spreads has a footprint of 43 000 sq m.
Mall Concord Plaza project to be carried out in Plovdiv will have its debut at the expo.

02.10.2007 Greece gives green light for road to Bulgaria

The Greek supreme court has permit the construction of a road between the Northern Greek town of Komotini and the Bulgarian border.
The court overruled complaints from Komotini citizens and complaints Greek newspaper Ethnos announced.
In the complaints, citizens and environmentalists claimed the road did not comply with the ecological regulations and would lead to ontamination of the region.
The Greek court ruled that the project was harmless to the eco-balance.
Bulgarian news agency BTA reported that the road would connect the Egnatia highway in Greece and Bulgarian border. The plan was included in a Bulgarian-Greek agreement contracted in 1996. In 1998, the two countries signed a protocol for co-operation, which envisions the opening of three new border checkpoints in the region.

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