The company is seeking to consolidate a number of plots in one location with a total area of approximately 60,000 square metres by purchasing plots of land (with freehold title) adjacent to each other. This acquisition is the first purchase of such adjacent plots.
BLD will seek to change the zoning of the land so that a residential complex may be developed on the aggregated plots.
The company expects this development project to be attractive to Sofia citizens as there is a trend for relocating from the city centre to the suburbs. The suburbs can provide a better standard of living, mountain views and good access to main roads. This acquisition is consistent with BLD’s strategy of diversifying its portfolio by developing residential city projects.
The consideration payable for the 38,146 square metres of agricultural land purchased to date is approximately Euro 1.7 million (£1.3m) and the company will fund this out of its own cash resources. Once the acquisition of the remaining adjacent plots is complete, BLD will make a full announcement as to the location of the site.