RICH DADDY HOTEL
Russian investor Gudvin OOD will build a 189-apartment facility, Rich Daddy Resort and Spa, which will cover 9300 sq m in the area of Krotirya, near Pomorie. The investment amounts to 16 million leva. Bourgas-based construction firm Midiya AD was selected through a tender to build the six-sectioned complex. The head architect is Olga Koultishteva. The complex will feature inside and outside pools, a park, playground, mini market, bars and three restaurants, a wine bar, a spa centre, a mud bath, a fitness centre and healthcare facilities.
EVROPA BOULEVARD
Mapa International is investing in a facility that will feature office and warehouse spaces on Evropa Boulevard opposite supermarket Metro-2. The mixed-purpose building will occupy about 3000 sq m out of a 0.8 ha land plot. In addition, the investor plans to build a multi-functional centre resembling a traditional mall with a total built-up area of 10 000 sq m. The designer is the Plovdiv-based studio ARZH-ART. The project manager is architect Emil Zhechev. A warehouse will adjoin the office building and will have a total built-up area of 1100 sq m.
GOING DOWN
Real estate developer Equest Balkan Properties recorded a loss of 9.5 million euro before tax in the first half of 2008, compared with a 9.7 million euro profit in the first six months of last year. Equest's portfolio was evaluated by consultants CB Richard Ellis at 387.5 million euro at the end of June. Since then, the developer sold one of its largest assets, City Center Sofia, to Heitman European Property Partners III fund for 101.5 million euro.
FUND SALES
Residential property developer Bulgarian Land Development (BLD) said that it had put up for sale two of its holiday projects: Riverland in the ski resort of Borovets and July Morning in Kavarna, on the Black Sea coast. The fund has been pressed to sell by shareholders demanding higher profits and a better return on equity. BLD raised its 40 million pounds on the the London Stock Exchange. Its portfolio comprises nine office, holiday and urban projects.
