Bulgarian Property Development has purchased 2 properties for an investment of nearly EUR 2 mln. BPD is paying EUR 1.4 mln, excluding value-added tax, for a 53,676-m[sup]2[/sup] land plot in Ruse, Bulgaria, located within the new Ruse Industrial Park. BPD said it intends to construct about 18,000 m[sup]2[/sup] of warehousing and associated offices on the site over the next 2 years. The fact that the municipality of Ruse has already provided the industrial park with modern infrastructure will reduce the cost of site development, BPD said.
Bulgarian Property Development has purchased 2 properties for an investment of nearly EUR 2 mln. BPD is paying EUR 1.4 mln, excluding value-added tax, for a 53,676-m2 land plot in Ruse, Bulgaria, located within the new Ruse Industrial Park. BPD said it intends to construct about 18,000 m2 of warehousing and associated offices on the site over the next 2 years. The fact that the municipality of Ruse has already provided the industrial park with modern infrastructure will reduce the cost of site development, BPD said.
The company has also purchased a 50% interest in a proposed shopping centre development in Sandanski, in southwest Bulgaria, from FairPlay Commercial for EUR 560,000. FairPlay will retain the other 50% of the development project, which involves a 19,000-m2 site and is located in a city that is an important destination for Greek tourists. While the site is currently zoned for agricultural developments, BPD said it does not foresee significant rezoning problems given that several commercial and residential developments have been proposed for the area.
BPD was admitted to trading on the AIM segment of the London stock exchange in January 2005.
