Property developer Winslow Developments said it will start work on a residential community in Sofia's Manastirski Livadi district after its local subsidiary Limex City secured the necessary building permit. Limex City is a unit of Prima Investments which itself is a joint venture between Winslow Developments and RREEF, the real estate investment arm of Deutsche Asset Management, the global investment management business of Deutsche Bank.
Winslow Gardens, comprising 6 buildings with a total of 450 apartments measuring in size between 50 and 150 sq m, should be completed in three years at a cost of around 200 mln levs, said the developer. The residential complex will offer spa center, gym, swimming pool, restaurant, medical offices, day care center and dry cleaner's.
Earlier this month, Winslow Developments
said it will invest in partnership with RREEF up to 252 mln levs in a gated residential community project in Bankia, one of Sofia's outlying neighborhoods. The compound will have a 15 ha footprint, accommodating 1,200 homes.
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.