Prime Property BG REIT (

) is investing 64 mln euros in the construction of a business park in Plovdiv that will comprise modern 4 and 5-storey buildings, the company told Profit.bg.

The buildings will host offices, shops, restaurants, supermarkets, underground parkings etc.

The park will cover a total of 48,682 m2, its total built-up area will be 110,000 m2.

The business park is scheduled to open doors in 2011. Prime Property REIT estimates the return on the investment at 30%. Many companies, including foreign ones, will be interested in moving their offices to the complex, which will also create more jobs for Plovdiv residents.

The park will be situated in Plovdiv's Trakia area – one of the largest neighborhoods in the city. Plovdiv has several universities and the business park project will be attracting a lot of young graduates, the investors think.

This will be the first business park in the Southern city. Its design will be similar to the ones in Sofia and Ruse.

Prime Property BG's executive director Borislav Stoyanov said the company is planning to launch similar projects in other big cities in Bulgaria. Such projects became very popular in Bulgaria after the country's EU accession, due to the hike in foreign investments, outsourcing, and to the country's rapid economic development.

Prime Proprty BG REIT was established four years ago and invests primarily in construction and sales of property, renting of commercial real estate and offices, and construction and sales of vacation homes in Sofia and throughout the country.

The company plans to invest some 25 mln euros in its projects this year.

Strategic investors in Prime Property BG REIT are IMMOEAST Immobilien Anlagen AG, a unit of
IMMOFINANZ Immobilien Anlagen AG, pension insurer Doverie, Bulstrad jas and several Americam pension funds among which IBM Personal Pension Plan Trust, The Public Education Retirement Union, Honda US Companies Master Retirement Group, Prudential Retirement Insurance.

The stock was last traded on BSE on March 17 when 15 shares changed hands at an average of 1.67 leva.