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Equest fund to build 30 mln euro holiday complex near Bansko
Updated: 2006-07-19

Equest fund to build 30 mln euro holiday complex near Bansko

Irish equity fund Equest Investment Bulgaria Ltd. said it will invest 30 mln euro in a vacation complex near Sozopol, on the Black Sea.

The investment will be deployed via Immofinance, a 100% subsidiary of Equest-owned Immofinance Holding Ltd.

The construction of the complex will begin in late 2006 or early 2007.

Equest has purchased for the project a 10 ha lot 1 km south of Burgas. The 63 two-storey houses will be styled after the Old Town of the nearby Sozopol.

The complex will also feature a spa center, swimming pools, shops and a 45-room boutique hotel.

The fund is in talks with 2 international chains to manage the hotel and the houses, said Equest managing partner Georgi Krumov. Both chains already managed hotel properties in Bulgaria. The successful candidate will also manage the other holiday and residential complexes that will be build by Equest.

Equest said in mid October 2006 it planned to inject via Immofinance a total of 30 mln euro in a holiday village in Sofia's upscale neighbourhood Boyana and in a spa complex in the village of Banya, close to popular ski resort Bansko.

The construction works are due to kick off next spring and finish in 2008.

The 10 mln lev Banya project is implemented in partnership with the municipality of Razlog which has contributed the land in exchange for a 30% stake in the joint venture. The 27,000 sq m complex will incorporate a hotel, family houses and three- and four-storey apartment buildings.

The development on the outskirts of Sofia, dubbed Boyana Park, will absorb 20 mln euro and will cover 30,000 sq m.(Dnevnik)

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