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Irish consortium to build 150 mln euro ski resort in Bulgaria
Updated: 2006-11-28

Irish consortium to build 150 mln euro ski resort in Bulgaria
An Irish-led consortium plans to build a 150 mln euro ski and spa resort in Bulgaria, Irish newspaper Sunday Business Post reported on November 26.

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 Bulgarian skiing district Bansko.

The site was bought for just 1.5 mln euro a year ago, but has been valued at 12 mln euro following a recent rezoning, said the newspaper.

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 finance minister in Bulgaria.

▒It has just been announced by the Bulgarian government that a new ski lift and 60 km of ski slopes are to built in Razlog, Bansko - just 350 metres from our site,' Moriarty told the newspaper.

▒We purchased the site in September 2005 and applied to have it rezoned, having heard that a new ski lift would be constructed. An announcement was made last week by the Invest Bulgaria agency confirming this.'

Moriarty said that the consortium had received planning permission for the development in the past few days. He said that Lansdowne was preparing a private placement document to raise 20 mln euro to develop the ski resort.

▒We are also working on two structured land investments,' Moriarty said. ▒One is on the Black Sea where, along with our joint venture partner Linexa, we have acquired over 500 acres for rezoning. The other is a commercial site of 110 acres in Sofia.'

Earlier this year, Linexa Property said it planned to invest 20 mln euro in a new holiday complex near the Kaliakra cape, on the Black Sea, in the golfing haven taking shape in the region. The first tract of the complex should be completed by July 2007.(Dnevnik)

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