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Israeli firm to build 43 mln euro logistics center in Sofia

Israeli firm to build 43 mln euro logistics center in SofiaEngel Resources has announced plans to invest in two large projects in Sofia, the capital of Bulgaria, Israeli newspaper Globes reports. The company signed a memorandum of understanding with the landowners to jointly build a 120,000 sq m logistics center, at an estimated total investment of 43 mln euro. The expected annual return on the project is 20%. Engel will own 70% of the project, Globes said. Engel will spent another 2 mln euro on a complex of residential buildings. The company is in talks to buy a 5.5 acre plot in the Bulgarian capital for the residential development. The site is zoned for 300 apartments and is expected to sell for 20 mln euro, Globes reports. The construction of warehouses, industrial zones and logistic hubs is widely tipped as the next growth area for the Bulgarian real estate market. The demand for such properties has already outstripped supply but the land in industrial areas is still relatively cheap. Royal Frans Maas Group is one of several investors currently developing logistics and warehouse facilities in the Sofia area. The Dutch logistics provider is constructing a 15 mln euro 50,000 sq m logistics and cargo. Agropolychim, the Devnya-based fertilisers plant, is one of the major industrial enterprises investing in warehousing capacity. The company is building storage facilities in the coastal city of Varna. The company has also bought a 50,000 sq m storage facility in Stara Zagora. Lanka OOD, a Bulgarian-registered company with Belgian capital, is seeking a buyer for a warehouse it has built on a 3.0 ha site in Sofia borough Gerena. The company has purchased another 30 ha of land for warehouse developments.

22 February 2005 - Dnevnik

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