Iberdrola Inmobiliaria, the property unit of the Spanish utility group, plans to invest 44.6 mln euro in Bulgaria, as part of the international expansion push called for in its 2008-2010 strategic plan, the company said in a press release posted on its website. The unit said it has acquired seafront building land in Tsarevo, in the east of the country, on the southern shore of the Black Sea.
Tsarevo is 50 km south of Burgas, the country’s fourth-largest city, and another 50 km from the Turkish border. The tract, with a net building capacity of more than 240,000 sq m along 800 m of the famed Koral beach, will be used to build a resort including 2,500 apartments, as well as a shopping and entertainment zone, sports facilities and a beach club. The site is located at the foot of the spectacular Strandja natural park which is a popular tourist attraction. The area has seen a boom in construction of holiday homes for people from the United Kingdom, Greece, Germany, Turkey and Russia.
The Bulgarian project comes in the wake of two other investments outside Spain by the Spanish company. In Spain, Iberdrola Inmobiliaria is a major developer of real estate across the entire product spectrum, including principal residences, holiday homes, office buildings, industrial premises, and shopping centres. The company is pursuing the strategic objective of achieving annual growth in excess of 10% in the 2006-2010 period.