Bulgaria's Sopharma Buildings to invest 30 mln euro in residential project

Through an extension of an existing contract with Sopharma Buildings, local civil engineering firm Telekomplect will design, build and commission residential buildings with commercial spaces and underground garages on a land plot owned by the company, Sopharma Buildings said in a bourse filing.

The project is expected to be completed within four and a half years.

The initiative will be funded by a combination of Sopharma Buildings own funds and bank loans.

In June, the company bought a land plot in Sofia for 6.34 million levs from its shareholder, local pharmaceuticals producer Sopharma [BUL:SFA].

Shares in Sopharma Buildings last traded at 17.60 levs on the BaSE market of the Bulgarian Stock Exchange, bourse data show.

($ = 0.9136 euro)