Wednesday, April 25th, 2007
FairPlay International to invest 80 mln euro in retail centers in 3 Bulgarian cities
FairPlay International (FPI), the Bulgarian construction and property development company, and Bulgarian Property Developments, a company listed on the London Stock Exchange, have earmarked 80 mln euro for the construction of shopping malls in Plovdiv, Pleven and Vidin, said FairPlay executive director Mario Zahariev. The project in Pleven has so far made the fastest progress. Construction on a 3.65 ha site should get underway this summer with delivery seen in 2008.
Work on the retail center in Plovdiv will begin by the end of 2007 while the Vidin project is scheduled for kick-off in early 2008, said Zahariev. On Tuesday, FPI and Bulgarian Property Developments were granted a First Class Investor certificate by the local investment promotion authority for their 50 mln euro project Logistics Park Varna.
Located in the Western Industrial Zone in Varna, on the Black Sea coast, Logistics Park Varna has a total build-up area of more than 80,000 sq m, including high-quality warehouse space, administrative offices, and wholesale outlets, according to the website of Colliers International, the exclusive real estate consultant for the property.
In addition to standard warehouse space, Logistics Park Varna will provide specialised premises, including temperature-controlled storage and optional cross-docking facilities. The project has readily available infrastructure including electricity, water, natural gas and telecommunications.
The project will be delivered in three stages, with the first phase, comprising 24,000 sq m of total build-up area, scheduled for completion by March 2008.
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