Fair Play Properties Starts a 50 Mln Leva Project in Panichishte

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Fair Play Properties () is starting a project for the construction of a holiday complex comprising a hotel and apartment buildings in the Panichishte resort with an estimated value of the investment at 50 mln leva (25.564 mln euros).

The company acquired a land parcel on an area of 25,611 sq. m. at 2,561,100 leva (1.309 mln euros), after it was chosen by the Municipality of Separeva Banya among other candidates for the implementation of the project.

The project is unique not only because of its location, but also because Fair Play Properties REIT has prepared the special programs “Environment recovery and sustainability plan” and “Investment of infrastructural importance for the Municipality of Separeva Banya”.

In pursuance to the requirements of the Municipality and the parameters of the project, the new complex will have a total built-up area of 31,796 sq.m., and will comprise a luxurious 103-rooms hotel, additional buildings with 308 holiday apartments, attractions and a lot of greenery. The complex will also provide maintenance to all properties.

Fair Play Properties REIT posted H1 net profit in the amount of 5.086 mln leva (2.600 mln euros). Main shareholder is Fair Play International AD with 66.9% of the capital.

So far today on the BSE, the company’s shares have climbed 4.71% to an average of 1.78 leva/share.

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