May 28 (SeeNews) - Bulgaria-registered East Ring LP, owner of logistic park East Ring near Sofia, said on Monday it has launched the construction of a 12 million levs ($7.1 million/6.7 million euro) storage facility in the park.
The dry storage facility will have a with built-up area of 12,800 sq m, of which 1,150 sq m will be designated to office space, the company said in a statement.
It is expected to be completed in the first half of 2019.
The logistic park covers an area of over 220,000 sq m and is planned to include ten buildings. It is located between two Bulgarian motorways - Hemus and Trakia, on the key road Thessaloniki-Sofia-Varna which connects Sofia with coastal city of Bourgas and Turkey's Istanbul.
The development of the park started in 2011. Currently, two buildings - dry storages with a total built-up area of 12,800 sq m - are completed.
East Ring LP is majority owned by Cyprus-registered T-property Cyprus with a 57% stake, while Netherlands-based Forum Serdika Kooperatif holds 40% and a private person owns the remainder, according to Bulgarian commercial register data.
In September 2016, property investment company Glorient Investment BG, the previous owner of the project, told SeeNews it plans to start the construction of a third building in the East Ring logistic park worth 10 million euro at the beginning of 2017, as the building was expected to be completed by the end of that year.
In August 2017, Glorient Investment sold its 57% interest in the project to T-property Cyprus, data in the commercial register shows.
(1 euro = 1.95583 levs)