Sat, Nov 21 2009
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.
The Black Sea town of Pomorie has approved a proposal for the construction of a spacious and modern marina, with a capacity of over 600 yachts and small passenger ships.
Over the course of a year, from one of the leaders in Europe in new construction, Bulgaria became one of the countries currently quagmired at the bottom of the table and was now amongst the three worst hit countries, along with Romania and Slovenia.
The park is posed to act as an economic stimulant in the region, creating a modern infrastructural base for companies. It is set for completion by Q3 of 2010.
Both retailers target at least 50 outlets in Bulgaria by the end of 2010.
When will Bulgaria’s real estate and construction sector recover?