SOFIA (Bulgaria), March 24 (SeeNews) - Bulgarian real estate investment trust (REIT) Prime Propertiy BG said on Monday it plans to build a 64 million euro ($98.5 million) Business park in the city of Plovdiv and put it into operation in 2011.
The facility, including four-five storey office and retail buildings, underground parkings, reastaurants and supermarkets, will be the first Business park in Plovdiv, the country's second largest city, the company said in a statement.
The Business park will be built on a total area of some 49,000 square metres. It will have a total built up area of 110,000 square metres. Construction works are to be launched this autumn. Prime Propertiy said it expects a 30% return on investment in the project.
Prime Propertiy is also considering developing similar projects in other towns in Bulgaria, it said but did not elaborate.
Prime Property BG (www.primepropertybg.com) was granted a REIT licence by the Bulgarian financial regulator in 2004. The company invests in the construction of residential and retail projects and holiday villages. Its portfolio includes eight projects worth a combined 180 million euro. It plans to invest 25 million euro in the projects in 2008 alone.
Among the REIT’s shareholders are Austrian Immoeast Immobilien Anlagen AG, IBM Personal Pension Plan Trust, Honda US Companies Master Retirement Group and Bulgarian insurer Bulstrad, part of Austrian insurance group Wiener Staedtische.
company stocks last traded at 1.666 levs ($1.32/0.86 euro) on March 17, up 7.5% from the previous close.
($ = 0.6495 euro)
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