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Lewis Charles Fund Invests 45m Euro In Sofia Property Developments

Lewis Charles Sofia Property Fund, an investment company focused on the Bulgarian residential property market, has a pipeline of eight residential schemes in Sofia with a combined price tag of more than 45 million euro, the company said in a statement.

The fund's property portfolio has a total build area of 567 590 sq m and currently has a valuation of 83 852 536 euro.

In the Bulgarian capital, the fund is developing gated communities in the Vitosha, Simeonovo and Krastova Vada boroughs. The first project was completed in 2007 while the other five are expected to be completed during 2009. One of these projects is still at the foundation stage.

The build area for the six projects totals 95,382 sq m. The fund also owns a further 13 170 sq m of land in the Sofia borough of Dragalevtsi and 100 713 sq m in Kambanite.

Lewis Charles has projects in progress in various other locations across the country. In 2006, the fund purchased a total of 121 420 sq m of agricultural land just outside the village of Banya (Razlog municipality) for 2.76 million euro. The Banya project is expected to involve the construction of a first-class holiday village consisting of chalets and upmarket apartments.

The portfolio spread further includes projects in Govedartsi, Bansko, Plovdiv, Veliko Turnovo and Dolna Banya.