Tue, Feb 09 2010
Israeli conglomerate Africa Israel Investments has bought land with office buildings in Bulgaria's Black Sea coastal city of Varna, a company official said.
For 76.5 million euro, Africa Israel bought the existing buildings and the right to construct other buildings in the future.
Africa Israel Investments' business development manager Akiva Azulay told SeeNews that "It is a big plot and part of it is built and the other part we are going to develop."
The company is controlled by billionaire Lev Leviev and operates in the real estate, energy, hotel services and infrastructure sectors. The company also has a commercial project and two residential developments in Sofia.
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The project, which was approved by Bulgarian and Romania as far back as 2000, has been constantly hampered by complications that delayed its progress. Realistically achievable target for completion, according to the project manager, is June 2011.
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