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Irish Major to Build EUR 150 M Bulgarian Resort
Updated: 2006-11-27

Irish Major to Build EUR 150 M Bulgarian Resort 
Novinite.com

Business

An Irish-led consortium plans to build a EUR 150 M ski and spa resort in Bulgaria with the cooperation of a former deputy minister from the centrist government of the previously ruling Simeon II National Movement, the Post.IE reported.

The consortium has been assembled by Kerry property developer John Moriarty and plans to build a five star hotel, 1,000 apartments and a shopping centre on a 25 acre site in Bulgaria's skiing district.

The site was bought for just EUR 1.5 M a year ago, but has been valued at EUR 12 M following a recent rezoning.

Moriarty confirmed that his international property development company, Lansdowne Real Estate, and a local partner called Linexa Properties intended to develop the resort. Moriarty said the management team overseeing the project included Bulgarian developer Angel Lingorski and his brother Illyah Lingorski, a former deputy minister for finance in Bulgaria.

Meanwhile, the tie-in, including the former Bulgarian minister, acquired over 500 acres on the Black Sea and a commercial site of 110 acres in Sofia.

The news comes amidst media revelations that high-ranking officials, including ministers and MPs, profitably acquired palatable properties at prices much lower than the tax valuations.

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