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Reuters: Equest raises stake in Bulgaria ski resort project |
Equest Investments Balkans Ltd. has bought a further one-third indirect stake in a Bulgarian mountain resort development for 25.9 million euros...
... ($35.61 million), including a capital contribution.
EIB already owns 50 percent of a holding company that owns 67 percent of Rila Samokov, which is the land owner and primary developer of the project in the Borovets mountains, it said on Wednesday.
Rila owns nearly two million square metres of land for development in Borovets.
The project, scheduled to start in September 2007, is one of the largest planned property developments in the country. Over five years, Rila expects to build about 654,00 square metres of apartments, hotels and shops, as well as to expand the existing ski runs.
The total cost is expected to be 566 million euros, financed with debt and pre-sales of properties by Rila.
The Borovets, Bulgaria's oldest mountain resort, is 73 kilometres southwest of Sofia.
The deal is the ninth investment in southeastern Europe for Equest, which specialises in retail, financial services, infrastructure and property development.
