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Winslow Developments Names Contractor For The Construction Of Winslow Gardens
Investment company Winslow Developments has closed the tender for choosing a chief contractor for the first stage of the Winslow Gardens project in Sofia’s Manastirski livadi neighbourhood, the company said in a press release on March 25.Glavbolgarstroy won against competition from six of Bulgaria's largest construction companies.
The first phase of Winslow Gardens residential complex, which was awarded a first-class investment certificate, will start in April. Its realisation will be carried out in partnership with RREEF – Deutsche Bank AG’s property investment arm.
The investment in the gated community totals 200 million leva, 105 of which is allocated to the first stage of the complex. The rest is distributed as follows: 50 million leva for the second and 45 million leva for the third phase. About nine million leva will be deposited in the state budget as fees and taxes inherent in the project.
The complex, with an area exceeding 2 000 sq m, will embrace six low-rise buildings, housing 444 apartments, a two-level underground car park, a spa centre with a fitness hall and a 25-metre-long swimming pool, basketball and mini-football grounds and a 12 000 sq m park.
The first stage of the compound, covering a 22 000 sq m stretch, will have a total built-up area of more than 66 000 sq m.
Winslow Developments is a real estate developer with its primary focus on Bulgaria. It was established in 2001, and is a Bulgaria-registered company with both English and Bulgarian shareholders. The head office is in Sofia but the company also has permanent offices in Bansko, Bulgaria and London.
In 2006 Winslow Developments signed a joint venture partnership with RREEF, the real estate and investment management arm of Deutsche Asset Management, the global investment management business of Deutsche Bank. The agreement is aimed at developing several large-scale projects in Bulgaria, starting with the construction of two residential complexes in Sofia, located in Manastirski livadi and Vitosha neighbourhoods.
The current value of Winslow Developments’s investment in Bulgaria exceeds 600 million euro.
The value of the two housing projects in Sofia alone amounts to 280 million leva. The new project of Winslow Developments and RREEF is a 252 million leva residential compound at the foothills of Lyulin mountain in one of Bankya's neighbourhoods – Gradoman.
Winslow Developments has so far developed seven projects in Bansko, all of the so-called apart-hotel type, i.e. fully-furnished apartments available for rentals. The largest is a three-building complex embracing an 11 000 sq m plot. The total value of the seven projects in Bansko comes to 60 million leva.
In the spring of 2007, Winslow Developments concluded a contract for the construction and management of a 200 million leva project, located in Banya, owned by the UK-based Lewis Charles property fund.
Investment in agricultural land and products is another line of Winslow Developments’ business activity. The company has more than 1 500 ha and plans to buy another 3 000 ha by the end of the year. Currently, it cultivates about 2 000 ha.
Winslow Developments aims to become one of the leaders in property investment and management – from residential through to administrative and business buildings construction.