Interesting news from Bulgaria – 16 July 2008

Real estate investment trusts will not to be allowed to develop projects, according to proposed amendments in the special legislation for them, which are discussed in the Financial Supervision Commission. After the changes in the Special Purpose Vehicles Act, REITs will only be allowed to invest and make profits through property acquisitions, sales and leasing. According to the international practice REITs do not engage in development and it should be the same in Bulgaria, say supporters of the idea.

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At least seven marinas will be built on the seacoast in the next several years. This was announced at the conference Construction and Development of Marinas, which was held on June 6. One of the presented projects included the transformation of the Varna-East port in an area for yacht and recreation tourism. Currently, there are two marinas, which are under construction, in Sozopol and Balchik. The development of a marina near Nesebar is also expected. By the end of the year the first yacht port in Bulgaria – the Marina Dinevi in St. Vias will be completed.

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Austrian investor Cuubuus presented five projects, which will be developed In Bulgaria. The company will invest some EUR 320m. The first two buildings are expected to be completed in the next two years. The project, which is in most advanced stage, is the Leon Tower, which includes an office tower and a hotel, located near the Sofia Airport. The total built-up area is 70,000 sq, of which 40,000 sq m offices (over 32,000 sq m gross lettable area). Besides Leon Towers, Cuubuus Gruppe plans to develop three shopping malls – in Varna, Dobrich and Vidin, and a large logistics center in Ruse.

Source: www.indeximoti.bg

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