Spanish and Bulgarian investors announced plans to build a new mixed-use compound in the vicinity of Sofia’s central railway station, SeeNews corporate wire reported on June 5.

The complex, to be named Five Towers of Sofia, is estimated to cost 400 million euro, Krassimir Todorov of Source consultancy told SeeNews. The figure is an update from original plans because prices for construction of office buildings and retail sites has risen since conception of the project.

The complex, with a total built area of 525 000 sq m, should be operational by the end of 2012. The complex would have 360 000 sq m of residential space and 40 000 sq m of commercial and retail space. The remainder would be office space.

Investors in the project are Bulgaria’s Techno Residential Park and Spain’s Urbas Guadahermosa.

Urbas is one of a string of Spanish investors to have expressed interest in Bulgaria’s real estate market. Another is Riofisa, which has also invested in a real estate project off the Railway Station.