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Bulgarian Property & Real Estate News

The Sultan of Oman buys into Super Borovets

The state fund of Oman has acquired a 33.5% stake in the Super Borovets property project. His Majesty Sultan Qaboos bin Said of Oman will participate in the development of a luxurious winter resort called Super Borovets in the Bulgarian Rila mountains. The State Fund of Oman has bought a 33.5-percent-stake in the project from the Rila Borovets 2004 venture. The British investment fund Equest acquired 33.5-percent stake in the Super Borovets project. The news was announced by Equest managing director Georgi Krumov and Stoyan Denchev, Honorary Consul of the Republic of Bulgaria in Oman. Representatives of His Majesty Sultan Qaboos bin Said visited Bulgaria about six months ago and started the negotiations with Glavbolgarstroy, which held the majority share in Super Borovets. Two weeks ago a representative of the State Fund of Oman came to Sofia and the deal was finalized. Luxury Bulgaria apartments, hotels and retail centers with a total area of 653,815 sqm along with ski and lift infrastructure will be constructed under the Super Borovets Project; the existing forty-two kilometers of ski runs in the resort will be extended by another thirty-six kilometers. The Super Borovets construction is expected to kick off in September this year and to be finished in 2012. The project will cost about 566 million euro.

Source: Standart News

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