Prime Property BG REIT is planning to start construction of Business Park Plovdiv. The company expects return there to come to 30%.
“We are also planning to start the construction of two other projects – an office building in Sofia and a vacation complex in the resort of Lozenetz in the region of Tzarevo in cooperation with Immoeast Austria. We are also in a continuous search for land parcels suitable for our projects,” The company added.
BenchMark Properties REIT is currently focusing on two projects – the Exclusive Ski& Spa Suites in the resort of Borovetz and an administrative and commercial building on Tzarigradsko Shose in Sofia. The completion of both is scheduled for 2009.
The company will manage both properties in order to generate operating income for shareholders. BenchMark said it will be responsible for providing excellent maintenance and management in the hotel, where apartments are already being sold. Return on this project is expected to come to 80%.
BenchMark told Profit.bg that construction of an office and commercial building on Blvd Rakovski 124 in Sofia will be stared shortly.
ERG Capital 3 REIT's plans for 2009 include the construction of at least one commercial center on one of the four parcels the company owns (with total built-up area of 20,000 sq.m.).
Fair Play Properties REIT is planning to invest 82.4 mln leva (42 mln euros) during 2009. The funds will be poured into the company's new projects – stage 3 of Santa Marina, Rila Lake Resort hotel complex, a new project in Sozopil, a new project in Separeva Banya, commercial and residential properties in Sofia and in Sanadanski.
The fund currently owns 68 decares near Separeva Banya. The value of the land plots in the portfolio stands at 4.8 mln leva (2.4 mln euros). Fair Play intends to build vacation complexes and rehabilitation centers on them.
At the beginning of April Fair play finalized the delas on the acquisition of 8,670 sq.m in Sofia near the National Academy of Sports at a price tag of 5.7 mln euros (VAT not included). The company will use the plots to build apartment buildings as well as office and commercial premises on a total built up area of 30,000 sq.m.
“We are currently in the process of acquiring another 50 decares near Sofia's ring road. We are planning to accumulate at least 100 deacres of land before launching our second project in Sofia. Apartment sales will start as soon as the project plan is ready,” the company added.
“Our 2009 investment program includes the start of construction of the Alpeu vacation village near Sozopol, the start of our gated residential project on kilometer 4th in Plovdiv and the restructuring of our property portfolio, “Active Properties REIT told us. “The restructuring process will start this year and is aimed at optimisation of the portfolio in view of the current situation on the real estate market.”
The project for a luxurious business building on Todor Alexandrov Blvd and Ovcho Pole Str in Sofia is launched this May. Construction starts in September and has to be completed in about 17 months, Exclusive Property REIT said.
The fund's portfolio also includes a property in Sofia's Izgrev neighborhood, previously used as a commercial representation of Hungary. The company plans to demolish the building by the end of this year and to use the plot for construction of a luxurious apartment building with office and administrative parts. The construction process is expected to take up to 18 months.
Exclusive Priorities REIT said the fund's priorities are”Investments on the highest market segment, the construction, management and exploitation of class A offices and luxury residential projects in the capital city's most prestigious neighborhoods.”