Israeli construction and investment company BSR Europe has reached an agreement for the purchase of close to 80 000 sq m of land in Bulgaria for 37 million euro, the company announced.

BSR Europe has partnered for the deal with a European investment fund for real estate. The company refused to name the fund or the exact location of the land, saying these details would be announced separately, investor.bg said.

On the land a complex with housing, offices and retail areas with a total floor space of 230 000 sq m would be constructed, the company said.

Israeli publication Globes said BSR Europe would own 42.5 per cent of the project, which according to preliminary calculations would be worth 200 million euro.

BSR Europe had additionally reached an agreement for the purchase of 350 000 sq m of land in Romanian Brashov at a value of 5.1 million euro. Housing complexes with a floor space of 50 000 sq m could be build on the land. Total value of this project is estimated at 40 million euro.

BSR Europe is the fourth Israeli company to buy land in Brashov in the past few months, Globes said.

The company specialized in housing complexes, offices and retail centres and has invested in Czech Republic, Slovakia, Poland, Hungary, Latvia, Georgia and Spain.
The company intended to grow its portfolio from 1.3 to 2 billion euro over the next few years.

In Bulgaria the company has finished an eight floor office building along boulevard Totleben  with 4 300 sq m floor space.

In Lagera neighbourhood it has been building a housing complex under the name Lagerfield, which contains 630 apartments distributed over 12 buildings. The project would be ready in 2010.