Real estate company Africa-Israel Europe has announced its first project in Bulgaria, Dnevnik daily reported.

The company is to invest in a closed residential complex in Bulgaria’s capital of Sofia.

The complex would be built at the foot of Vitosha Mountain, Dnevnik said. It would have 140 apartments with a total area of 18 000 sq m.

Africa-Israel Europe would begin building the complex in December 2006 and complete it within a year.

The company planned to carry out other projects in Bulgaria. It was particularly interested in residential and commercial property. The company's next project would be in the commercial property sector, Dnevnik said.

Africa-Israel Europe was part of the Africa-Israel Investments Group, Dnevnik said. Africa-Israel Investments Group invested in energy sector, tourist, media and industrial projects in Russia, China, Israel, Central and Eastern Europe, according to Dnevnik.