Spanish property company Iberdrola Inmobiliaria said on Monday that it has committed to its largest project abroad with the acquisition of a plot of land in Tsarevo, eastern Bulgaria. In a statement, the Spanish firm said it is to invest close to EUR50 mln to develop the Koral Beach Elite tourist resort on the Black Sea coast. The acquisition is part of Iberdrola’s 2008-2010 business plan aimed at expanding the company’s international activities.
Spanish property company Iberdrola Inmobiliaria said on Monday that it has committed to its largest project abroad with the acquisition of a plot of land in Tsarevo, eastern Bulgaria. In a statement, the Spanish firm said it is to invest close to EUR50 mln to develop the Koral Beach Elite tourist resort on the Black Sea coast. The acquisition is part of Iberdrola’s 2008-2010 business plan aimed at expanding the company’s international activities.
Iberdrola Inmobiliaria plans to develop up to 2,500 tourist apartments on the site as well as retail areas, public spaces and a fitness and beach club. The Koral Beach Elite project was designed by the Stefan Dovrev architectural firm.
Koral Beach Elite is Iberdrola’s third international project. Last year, the company made its first step abroad with the acquisition of two developments in Mexico and Portugal. In Colombo, north of Lisboa, the company acquired a 25% stake in an office project for EUR22.4 mln.
