Lewis Charles Securities, via its Sofia Property Fund, has purchased a plot of land with a build up area of 26,866 m[sup]2[/sup] on one of the hills in Veliko Tarnovo, Bulgaria. for EUR 2.42 mln. 'This is a large centrally located plot in an area which is attracting increasing real estate investment interest due to its expansive views. All relevant construction permits for a residential complex have already been granted,' the fund said.
Lewis Charles Securities, via its Sofia Property Fund, has purchased a plot of land with a build up area of 26,866 m2 on one of the hills in Veliko Tarnovo, Bulgaria. for EUR 2.42 mln. 'This is a large centrally located plot in an area which is attracting increasing real estate investment interest due to its expansive views. All relevant construction permits for a residential complex have already been granted,' the fund said.
Veliko Tarnovo is located in central Bulgaria on the Yantra River and is famous as the historical capital during the 12th to 14th century before Bulgaria fell to the Ottoman Empire. Picturesquely situated, Veliko Tarnovo lies on three hills and is close to the famous 15th century village of Arbanassi.
Stavros Loizou, managing director of Lewis Charles Securities, commented: 'To date the Fund has invested approximately 55% of the funds raised at launch net of all expenses, including this latest purchase. This acquisition highlights our strategy of buying the land first with a mixture of both regulated and non regulated that will then allow the fund to phase the developments as and when it seems appropriate.'
The Management expects to make further announcements in the very near future, he said.
