Sun, Nov 22 2009

Lewis Charles Sofia Property Fund sells 10.3% share in Bulgarian project

Sat, May 17 2008 17:49 CET bywww.propertywisebulgaria.com 195 Views

Lewis Charles Sofia Property Fund announced it would receive 1.89 million euro in gross proceeds from the sale of part of its project in Sofia, Thomson Financial said. Lewis Charles sold 10.3 per cent of the total build area of its project to an unnamed insurance fund, based in Athens, according to investor.bg.

Gross revenue from this disposal, the first made by the fund, would be 10.49 million euro, including development costs and profit share, Thomson Financial quoted the company as saying.

The transaction involved the sale of 61 apartments, 10 offices, six shops and a total of 31 underground garage in its project in the Krastova Vada boroughs, investor.bg said.

The deal represented an average price of 930 euro a sq m for the area sold.

The project was expected to be completed in December 2008 and return on investment was expected to be 24.3 per cent, investor.bg quoted a statement by the fund as saying.

The fund was expected to make further sales in the near future. The Lewis Charles portfolio includes project in Sofia, Govedartsi, Razlog, Plovdiv, Veliko Tarnovo and Dolna Banya and was estimated at 84 million euro.

Write comment

Name:Comment:

Generate new code
Send your comment

More in this category

New modern marina worth 24M leva to be constructed in Pomorie

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.

Construction sector in Europe continues to decline

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.

Bulgarian Property Developments begin construction of 12.6M euro logistics park in Rousse

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.

Discounter chains Penny Market, Plus open stores in Bulgaria

Both retailers target at least 50 outlets in Bulgaria by the end of 2010.

The big question

When will Bulgaria’s real estate and construction sector recover?

© 2000-2009, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.