Spanish property developer Urbas Thursday informed the CNMV, Spain's stock market commission, of the 60 mln euro acquisition of a plot of land covering 120,000 sq m in the center of the Bulgarian capital of Sofia. The land has a buildable area of 420,000 sq m on which Urbas will build residential and non-residential properties.
The Urbas property is located in the area of the Central Train Station and is adjacent to the plot of another Spanish developer Riofisa. The Urbas development will comprise 4,000 luxury apartments, 2 office buildings and as many hotels and a commercial center. The plot has zoning approval, Dnevnik learned from the municipal architecture and urban planning directorate. The acquisition forms part of the developer's geographical expansion program, under which it has invested in Morocco and Portugal, as well as Bulgaria.