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Nov 27, 2017 12:40 EEST
November 27 (SeeNews) - Estonian real estate group Arco Vara said on Monday it signed an agreement to acquire 100% of two Bulgarian companies, which own eight plots of land near the Lozen village, in the outskirts of Sofia, for an undisclosed sum.
The group plans to develop there a high-class residential project with adjacent commercial premises such as a supermarket, kindergarten, sports facilities, hotel, and restaurant, Arco Vara said in a statement.
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The total area of the plots of land is 122,100 sq m.
The transaction will be finalized in two stages - the first stage includes the acquisition of three plots of land and will be finalised in January 2018. The second stage includes the purchase of five plots of land in December 2020.
"The total built area of the project is 70,000 sq m and will be developed in 2 or 3 stages depending on market conditions. Total investment is expected to reach 62 million euro," Arco Vara added.
The entire project is expected to be completed in 2024.
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