Property developer Winslow Developments and RREEF, the real estate investment arm of Deutsche Asset Management, the global investment management business of Deutsche Bank, have teamed up for a 252 mln lev gated residential community project in Bankya, one of Sofia's outlying neighbourhoods. The compound will have a 15 ha footprint, accommodating 1,200 homes. No information was immediately available on the timetable for the implementation of the project.
Winslow Developments and RREEF are also partnering on Winslow Gardens, the gated residential community being developed by the Limex City company in Sofia. Limex City is a unit of Prima Investments which itself is a joint venture between Winslow Developments
and RREEF. The construction permit for Winslow Gardens will be issued promptly, making it possible to finally break ground for the development, said Winslow. The 200 mln lev investment will be deployed in five stages with final completion scheduled for end-2009.
On its own, Winslow owns seven holiday homes complexes in local ski resort Bansko. Four of them have been completed, said the investor. The property developer estimates its investment total at close to 900 mln levs. The value of the company's joint projects with financial institutions is 620 mln levs.