June 4 (SeeNews) - Bulgaria's Real Estate Developments will take out a loan from local UniCredit Bulbank in order to finance the construction of its River Park residential complex project in Sofia, the two companies said in a joint statement on Thursday.
The size of the planned borrowing was not disclosed.
The project envisages the construction of 352 houses across 215,000 sq. m. of land.
The first stage of the project, comprising 110 houses, is expected to be completed in the summer of 2022.
Last year, local news outlet Investor.bg reported that the construction of the project, not including the cost of the land, is expected to amount to some 80 million euro ($90 million).
Real Estate Developments is a wholly-owned unit of Netherlands-based investment firm Dynamic Group.
($ = 0.8925 euro)
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