Prime Property Bg To Invest 64m Euro In Plovdiv Business Park
Local real estate investment trust (REIT) Prime Property BG will pour 64 million euro in the development of a business compound in Plovdiv’s Trakiya district, company officials said, as quoted by investor.bg.
The future centre will spread on a 48 682 sq m plot, comprising four- to five-storey buildings with office and retail outlets, underground parking, restaurants and supermarkets. The gross actual area of the complex is estimated at 110 000 sq m.
Currently, the design of the business centre is still being developed, but it is expected to have functional built-to-suit edifices, i.e. their construction will comply with the requirements and needs of the future tenants, most of whom would be foreign companies, investor.bg said.
The development is scheduled to open for business in 2011 and the REIT expected yields to be around 30 per cent. The fund’s executive manager Borislav Stoyanov, quoted by investor.bg, said that Prime Property BG targeted building similar developments in other cities across the country.
The company is considering to list its shares on a foreign bourse, Stoyanov told investor.bg at the end of 2007.