Investment fund Equest Balkan will acquire a stake on the development company behind expanding Borovets ski resort. The starting investment with be around 15 million euros and will result in the 51% shareholding. The company is acquiring the stake from Bulgarian construction company Glavbolgarstroi who just last year purchased the holding from the estate of the former banker Emil Kulev
Equest’s board is meeting on Monday to finalise the investment and it is expected that Equest will finance the construction of the first phase of the project linking Samokov with the Borovets ski resort via a gondola lift. Before this announcement Glabbolgarstroi had a holding of 75% in the project with the Samokov municipality controlling the other 25%.
The Super Borovets project involves the building of 100 km of new ski runs and will add several new accommodation villages to the ski resort. The new ski lifts and pistes are expected to accommodate up to 30,000 skiers daily. It is the largest Bulgaria property investment project currently planned and the aim is to turn Borovets into the top luxury ski resort in Bulgaria by building a new luxury village with exclusive bulgaria apartments and ski chalets.
Over 350 million euros funding is required to implement the project and Equest and it’s partners are expected to arrange a substantial amount of this financing.