Greece's Eurobank Properties Cancels 90.8 Mln Euro Acquisition of Bulgarian Developer

The company has decided to terminate the preliminary deal it signed in September for the acquisition of the Bulgarian developer, Eurobank Properties REIC, part of Greece's Eurobank EFG Group, said in a statement on its website. It did not elaborate further.

The Arcon Constructions unit in Bulgaria is developing a 32-storey office building with a total built-up area of 31,530 square metres on a site it owns near the centre of the capital Sofia. It plans to wrap up the project by October 2011. The Bulgarian unit was expected to be acquired upon the completion of 75% of the construction works.