Irish lowcost airliner Aer Lingus announced it would start a new twice weekly service between Dublin and Sofia for its winter 2008 schedule, along with new services to Hamburg, Newcastle,Salzburg and Agadir . In addition, the company will increase the frequency of flights to a number of other European destinations, a company media statement said.
Archive for June, 2008
Irish Air Lingus to fly Dublin Sofia
Monday, June 16th, 2008Mall of Varna opens to the public
Saturday, June 14th, 2008Mall of Varna, which claims to be biggest shopping centre built in Bulgaria to date, officially opened its doors to the public June 12. The day of its opening also marks the official change of ownership, with British privatelyowned Miller Developments taking over.Intersevice Uzunovi AA, a major Varnabased investor, has invested close to 50 million euro in the project, but agreed to sell the thenincomplete development for 120 million euro. The selling price is the highest paid for a shopping centre in Bulgaria so far. It is also the second most important transaction in the country in regards to real estate value, according to Dnevnik daily. The annual rate of return, estimated by Miller Developments, is up to 7.5 per cent, the daily said.
Construction work in Albena to stop for indefinite time
Saturday, June 14th, 2008Resort operator Albena AD would stop construction work in the Black Sea resort with the same name in the upcoming several years, Dnevnik daily reported, quoting CEO Krassimir Stanev.The decision, made during a shareholders meeting held on June 14, was provoked by the fact that many of the hotels in the resort needed to be torn down as being outdated and architecturally unattractive, Stanev was quoted as saying.
Sparkassen plans 300M euro in new investments in Bulgaria
Wednesday, June 11th, 2008Sparkassen Immobilien, the real estate arm of Austrias Erste Bank, plans to invest up to 300 million euro in Bulgaria over the next two to three years, Friedrich Wahernig, member of Sparkassen Immobilien board of directors said on June 11. Its focus in the mediumterm would be office and retail space.Additionally, Sparkassen Immobilien has remained keen on financing real estate projects in the region, Wahernig said. The company plans to divest of real estate investments in Western Europe and invest in Eastern Europe, Bulgaria included.
300M euro gated community to rise near Varna
Monday, June 9th, 2008Electra Bulgaria, the Bulgarian arm of Israeli investment company Electra Group, will invest 300 million euro in a residential project near the Black Sea city of Varna, weekly Stroitelstvo Gradut said. The company confirmed that it plans to build the biggest yet gated residential community in Bulgaria, called Electra Hills. The land plot it has selected for the purpose is near the Kalimantsi village, 15km northwest of Varna. The company has completed similar projects in Israel and Ukraine.
New Blagoevgrad mall to cost 36M euro
Monday, June 9th, 2008Dutchregistered Redstone Holdings, a real estate manager and developer with properties in Bulgaria, Russia and Ukraine, announced plans to build a new shopping centre in Blagoevgrad, southwest Bulgaria, the company said.The 36 million euro investment will have a total built area of 48 000 sq m and 20 000 sq m of commercial and retail space, the company said in a statement. The centre is scheduled to open in 2011, and it will house leading international and local brands.
400M euro mixeduse compound due to start in Sofia
Thursday, June 5th, 2008Spanish and Bulgarian investors announced plans to build a new mixeduse compound in the vicinity of Sofias central railway station, SeeNews corporate wire reported on June 5.The complex, to be named Five Towers of Sofia, is estimated to cost 400 million euro, Krassimir Todorov of Source consultancy told SeeNews. The figure is an update from original plans because prices for construction of office buildings and retail sites has risen since conception of the project.
FSC mulling changes to REIT Act
Thursday, June 5th, 2008The Financial Supervision Commission FSC has drafted changes to Real Estate Investment Trust REIT Act, which are intended to sift idle REITs from the market, Dnevnik daily reported on June 6.The bill will seek to double the minimum paidin capital to one million leva, as well as oblige REITs to maintain a free float of at least 10 per cent.
Albena resort operator to build new gated community
Tuesday, June 3rd, 2008Albena, the operator of the eponymous resort, turned the first sod to Rila Estate, a gated residential community in the Byalata Lagouna White Lagoon resort, the companys spokesperson Yovka Strashilova told Dnevnik daily.Byalata Lagouna, a resort adjoining Balchik, on the northern Black Sea, is known for its mineral thermal springs and curative mud.
European Trade Center to be ready in 2010
Monday, June 2nd, 2008European Trade Center, an office complex whose construction is already underway on Tsarigradsko Chaussee in Sofia, would be completed in 2010 and should bring seven per cent return on investment, investors in the project told reporters on June 2, as quoted by Dnevnik daily.The complex would have a total builtup area of 70 000 sq m, making it one of the largest in Bulgaria and comprising a tenth of modern office space currently available on the market, Colliers International, the consultant of the project, said.