Austrian 'baumax' Steps Bulgarian Market 15/04/2008
Austrian ‘Baumax' opens on Monday, April 14 its first supermarket for construction materials in Bulgaria's city of Plovdiv. Second local outlet will be opened in Stara Zagora next week. Each one of the stores is on the amount of 10 million EUR. The retail area of Plovdiv's outlet is 12,500 sq m which makes it the biggest of its kind in Bulgaria. The supermarket in Plovdiv also will be drive-in. ‘Baumax' assortment will be divided in four sectors - constructions, interior, garden and instruments. More than 50% of the firms - suppliers are local companies. The store is foreseen to give job to 105 people. The company operates on the European market from more than 30 years. By now the firm possesses with 128 objects in 7 countries. The firm intends to invest in other... more

Former Aig Chief Executive, Letterstone To Launch 1b Euro European Property Venture 09/04/2008
Starr International, the company owned by former chief executive of American Insurance Group (AIG) Hank Greenberg, and London-based fund manager Letterstone Group would launch a one billion euro Eastern European property fund, the Financial Times reported. Netherlands-registered LS Real Estate Ventures would be used to buy developments in Hungary, Slovakia, Romania and Ukraine, the daily said. The two partners will pour 250 million euro in the venture, with the bigger chunk coming from Starr International, and the rest of the funds will come from bank loans. The fund will target returns of over 20 per cent. It will look primarily for land or property that can be re-developed, targeting bigger cities and "growth locations in second-tier cities," the FT reported. “[Letterstone] are... more

Foreigners Drive Up Property Prices In Melnik 14/03/2008
Property prices in Bulgaria’s southern town of Melnik and in neighbouring areas have soared due to the increased interest in the wine-growing region, Standart daily wrote on March 10. The little town and the near-by villages have recently seen a flood of Bulgarian and foreign visitors willing to buy property in the area, which in turn pushed up real estate prices in the region. A decrepit rural house sells at 20 000 leva and a better-preserved dwelling can go for as much as 40 000-50 000 leva, local residents were quoted as saying. “There are houses that are practically unsellable due to the exorbitant prices that the owners are asking. You cannot sell a ramshackle building for 30 000 leva. Some of the local residents have inflated prices to incredible levels,” locals were quoted as... more

Michael Lynns Kendar Holdings To Be Liquidated 10/03/2008
The Irish High Court has appointed a liquidator for the property firm owned by ill-famed solicitor Michael Lynn, the Irish Independent Daily reports. Kendar Holdings Ltd, run by Lynn, owes 325 414 euro to Welplan construction company, and is being investigated by the garda fraud squad. The debt was for goods and services received by Kendar under contract in the last six years. A letter of demand was served on Kendar at its offices on December 20 2007, the Irish Independent reports, but the money had not been paid. Welplan was satisfied the company was insolvent and unable to pay its debts. The judge made an order winding up the company and appointed a liquidator. Lynn, who has over 105 properties in Slovakia, Bulgaria, China, Spain, England, Dubai and Ireland, was alleged to... more

The Momentum Is Building In Bulgaria 19/03/2008
- as it continues to make improvements to basic infrastructure in preparation for EU accession. For property investment in Bulgaria to take off, it is absolutely paramount that progress is made in terms of accessibility. Currently, the potential of property investment throughout Bulgaria is quite discernibly stunted by the fact that it is still much easier to fly to rival destinations including France, Spain and Cyprus. According to the Sophia Echo, however, this is beginning to change, with a Norwegian low-cost air carrier beginning flights from Oslo to the Bulgarian Black Sea cities of Varna and Bourgas from May this year. Air Shuttle AS will become one of only a handful of companies to offer such a service, but it is likely to pave the way for many more. As his been observed on... more