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Black Sea Ppty Fund buys unzoned Borovets site
Updated: 2007-08-10

Black Sea Ppty Fund buys unzoned Borovets site
The Black Sea Property Fund Wednesday announced the acquisition of an unzoned 12.4 ha lot in Bulgarian ski resort Borovets.

The 10.5 mln euro land plot is located on the road connecting Borovets with the nearby city of Samokov and is in close proximity to ski lift facilities.

The fund said the lot will be developed in a hotel, a conference center and a number of residential and vacation home components.

Black Sea Property Fund has signed a conditional preliminary contract to acquire 4.1 ha of development land adjacent to the new lot. The fund said that deal will be concluded once the land has zoning approval.

In 2006, the fund signed an agreement for the acquisition of a 5.3 ha plot in the resort for 3.6 mln euro.

At the moment, the fund is financing four construction projects and has invested in a further three land plots.

The project portfolio features schemes in Borovets, Pamporovo, Sofia and on the Bulgarian Black Sea coast.

Nearly 45% of the fund assets are invested in local sea resorts, as much in ski resorts and 10% in Sofia.

The fund has terminated its financing agreement relating to a development at Tsarevo, citing high pricing.

Approximately 80% of the 227 units at the fund's Obzor development have been reserved. The property should be ready by the fall of 2008.

The fund has not yet been successful with announced plans for a bulk sale of its Magnolia complex in ski resort Pamporovo.

Another fund project in Kavarna, which will deliver 25,000 sq m of holiday homes, is yet to get underway.

In the Golden Sands resort, the fund is financing 119 apartments with seven of the units already sold.

In Malinova Dolina, a residential district in Sofia, the fund plans to build 27 houses and 72 apartments on 2.5 ha. The project is awaiting a building permit.(Dnevnik)

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