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Bulgarian Property & Real Estate News

Borovets Property ranked as top location for ski property

The Bulgarian ski resort of Borovets is listed in 6th position in the Sunday Tribunes Top 10 property investments for 2008. Dubai ranks first on the list as one of the world’s fastest growing cities. Also included are: Ibiza, Poznan, Toulouse, Geneva, Orlando, London, Hurghada and Silver Coast. Bulgaria property has been one of the hottest property markets in Europe for the last couple of years. But in the haste to snap up a bargain, the Bulgarian property market in some parts of the country has become a little too crowded and overdeveloped. Read more…

Opening ceremony held for Super Borovets Project

The ski property project, known as Super Borovets, which is located in the beautiful Rila mountains, had its official opening ceremony last Monday after several years of delays. The large property investment project includes the areas of Samokov and Beli Iskar and also several locations near the Bugarian ski resort of Borovets. The Bulgarian PM Sergey Stanishev, former king Simeon Saxe-Coburg and the Omani prime minister Qaboos bin Said  all attended the opening event. The Omani government is one if the main investors in the project.

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Bulgarian investment project to include new motorway link with Sofia

Part of the Bulgarian property investment known as the Super Borovets project will be the construction of a new motorway to link Sofia with the Borovets ski resort in less than 40 minutes. The new Rila Highway will create a link between Sofia and Samokov and drastically reduce the travel time between the capital city and Bulgaria’s most popular ski resort. The news about the new motorway was announce by Simeon Peshov from Glabolgarstroy and Georgi Krumov one of the directors in the Equest Property Investment Fund which is leading the investment in the Super Borovets project. The motorway will be over 80km long and will link the Trakia, Hemus and Struma motorways going through the towns of Samokov and Vakarel.

The first level of the investment project will be based outside Samokov and includes a gondola lift to take skiers to the Markudjik ski pistes. The idea is that skiers from Sofia can use the new motorway to quickly arrive in Samokov, park their cars at the base of the gondola and be on the top of the ski resort in just 30 minutes.  Overall the project expects an investment of over 500 million euros to produce one of the most modern ski resorts in Europe.

The expansion of Borovets ski resort begins

The long awaited development of Borovets ski resort is due to begin on Monday with the opening ceremony for the Super Borovets gondola connecting Samokov to the ski pistes at Markujik. The Super Borovets investment project has been modified to avoid the overdevelopment of cheap, low quality accommodation that has plague the other Bulgarian ski resorts of Bansko and Pamporovo.

According to Georgi Krumov (the director of Bulgarian property investment fund Equest Balkan) the plan is to develop Borovets ski resort into an all season resort and target tourists both during winter and summer. The overall development plan for the new Borovets properties will allow a construction density of 20%. When complete the project will include less than 4,500 properties and the target is to avoid overdeveloping the area and destroying the local nature. Read more…

Equest Balkan acquires stake in Super Borovets

Equest Balkan (EIB), the Bulgarian property investment company targeting retail and financial services, infrastructure and property development in South East Europe, today announced the purchase of a 33.5% indirect equity holding in Rila Samokov 2004 AD, which is the company that owns the land and development rights for a large property development project in the Borovets ski resort in Bulgaria.

EIB has signed contracts to acquire a 33.5% interest in Rila Samokov, which owns almost 2,000,000 m2 of land for development in Borovets. EIB is paying 25.9 million euros for the property investment, made up of a payment for the equity shares and also a capital injection into Rila Samokov.

EIB owns 50% of Borovets Invest NV, which in turn owns 67% of Rila Samokov. EIB’s partner in Borovets Invest NV is an international institution. The other shareholders in Rila Samokov are the Municipality of Samokov (with 25% shareholding) and one of Bulgaria’s top construction companies Glavbolgarstroy (with 8% shareholding). Read more…

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. Read more…

More development planned for Borovets ski resort

A second project similar to the big project “Super Borovets” it is planned by the businessman Hristo Kovachki. It will be located around the areas of Mala Tsarkva, Govedartsi and Maliovitsa which are not fair from the existing Borovets ski resort. The conceptual design plan for the area is currently being worked on and is expected to be ready by May this year. The joint venture Nadar 2006 was created last year to invest in the project. 50% of the investment is owned by Samokov municipality and the other 50% is owned by El-El Impex a company owned by Mr Kovachki.

The concept is to build 5 new tourism centres, which will cater for 8-10,000 tourists. The new resort will consist of three main zones, with 50-70 km of new ski slopes. The total investment is significantly larger than the amount invested in the Boriko area of Samokov which was over 12 million euros. Read more…

Big plans for Borovets ski resort

Several investment projects have been announced for the Samokov/Borovets ski region. The project known as Super Borovets, Mr. Hristo Kovachi and also the TIM group are all planning projects in the area. When compared to Bansko which has had some serious development over the last 2-3 years, Samokov and Borovets are calm, relaxed and seriously underdeveloped. In Bansko you is bombarded by daily announcements of new projects, new spas, new golf courses and complexs that begin to stretch the imagination. The Bansko area is littered with building materials and half constructed complexes. In Borovets it is pretty much mountains and forest with the odd hotel or development dotted around the place.

While still underdeveloped, this is positive for the Borovets area as it remains natural and unspoilt compared to the disastrous overdevelopment that has occurred in Bansko.

Still several new projects are planned for the Boroevts area. Super Borovets kicked off this month. The major shareholders in Super Borovets are the Equest Investment Fund and the Samokov municipality. The local council expect that the  project will transform the area into one of the top alpine resorts in Europe.

Hristo Kovachki is also planning several developments in the area and is expected to link with the TIM group of companies to develop a rival ski resort to the Super Borovets developers.

A major investment is expected in the area by Mr Kovacki as over the next 3 years. He plans to construct a luxury hotel, news ski pistes and a sport and leisure centre in the area.

Equest takes investment in Super Borovets project

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 Read more…

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. Read more…

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