SOFIA (Bulgaria), September 1 (SeeNews) – Spanish real estate developer Hercesa plans to invest more than 500 million euro ($732.6 million) in building a residential complex in Bulgaria’s capital Sofia, its first in the Black Sea country, a senior company official said on Monday.
The complex, which Hercesa plans to start building in late 2008 or in early 2009, will have a built-up area of 240,000 square metres upon completion in 2015 or 2016, Hercesa general director for Bulgaria Nikolina Nikolova told reporters on the sidelines of a news conference.
“We chose Bulgaria because the market there still has potential to grow,” Nikolova said.
Spanish real estate companies Riofisa, Martinsa-Fadesa and a large number of other foreign companies have invested in or unveiled projects in Bulgaria in the past few years, lured by prospects for high growth after the country’s entry in the European Union in 2007.
Outside Spain, Hercesa is active in Portugal, Romania, the Czech Republic, Poland, Morocco, Ecuador, Mexico and Panama.
($ = 0.6824 euro)