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REIT Super Borovets Property Fund buys land in local ski resort
Updated: 2007-10-05

REIT Super Borovets Property Fund buys land in local ski resort
Local real estate investment trust Super Borovets Property Fund said it has added three lots with a combined area of 20,284 sq m to the land its owns in ski resort Borovets.

The deal price is 1.22 mln levs

The REIT now owns a total of 5 ha of land in the resort.

The company said it has no concrete plans for the development of the land and said it will wait and see how the expansion of the resort pans out.

According to executive director Ilian Langarov, the land may be sold but the company considers that the location is suitable for the construction of a villa community because it is within the territory of the planned resort expansion.

In April this year, the REIT paid 1.6 mln euro for a 30,000 sq m plot in the Borovets area.

The company said it is making progress on property deals in Sofia, Balchik and in a village near the town of Dobrich.

The Dobrich site has potential for a golfing development while the Sofia property is located in the vicinity of capital's international airport, said Langarov.

Earlier this year, the shareholders approved the purchase of 2 unzoned properties in the village of Slatina, near Sofia. The company will pay 4 mln levs for the properties with a combined area of 0.818 ha.

In Balchik, the REIT will buy a recreational center for 3.5 mln levs.(Dnevnik)

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