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Bulgarian Property & Real Estate News

Bulgarian Real Estate Investment fund Equest considering majority stake in Borovets project

Bulgarian real estate investment fund Equest Balkan is in talks with construction company Glavbolgarstroi to take a take in the company setup to expand and develop Borovets ski resort. Equest is currently debating at board level how to proceed and it is expect to sign a contract with Glavbolgarstroi which will confirm Equest as the majority shareholder in the Super Borovets project Georgi Krumov the director of Equest stated that they required a majority shareholding in order to be able raise the necessary financing for the Bulgarian real estate project. The result depends on a decision from Samokov municipality to confirm the transfer of Emil Kulevs land into the Rila-Samokov 2004 holding company.

Kontrakt 99, the holding company for Kulev’s stake in the massive ski resort project signed an agreement last week with Glavbolgarstroi to transfer the shareholding and lands. As a result of that deal Glavbolgarstroi now controls the majority shareholding in Rila-Samokov 2004, which is the company specially setup to deliver the Super Borovets project.

At present Glavbolgarstroi holds 75% of the project with the Samokov municipality holding the remaining 25%. If the Equest deal is secured then Equest will become the largest shareholder in the project and will have the main responsibility for raising finance for the project.

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