Varna Towers to Invest BGN 85 M in Bulgarian Mall

ulgarian firm Varna Towers plans to invest BGN 85 M in a mall in the seaside city of Varna, Bulgaria's investment agency BAI said on Friday. The agency plans to award the project as a class A investment certificate on Wednesday. Varna Towers mall draws its name from the twin 12-storey buildings, which will feature 12,000 square meters of office space and 500 parking spaces on three underground levels in addition to 52,000 square meters of commercial and entertainment space. The project is the fifth of its kind in the city, but has a better location than its competitors, on the Vladislav Varnenchik Boulevard in the city's downtown. Initial plans include also a helicopter landing pad and a pool on the roofs of the two towers. The investors have secured the necessary building permits and plan to begin construction work next month. The mall is expected to be completed within two years.

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source: bulgarianpropertiesmarket.com

Varna Towers to Invest BGN 85 M in Bulgarian Mall

ulgarian firm Varna Towers plans to invest BGN 85 M in a mall in the seaside city of Varna, Bulgaria's investment agency BAI said on Friday. The agency plans to award the project as a class A investment certificate on Wednesday. Varna Towers mall draws its name from the twin 12-storey buildings, which will feature 12,000 square meters of office space and 500 parking spaces on three underground levels in addition to 52,000 square meters of commercial and entertainment space. The project is the fifth of its kind in the city, but has a better location than its competitors, on the Vladislav Varnenchik Boulevard in the city's downtown. Initial plans include also a helicopter landing pad and a pool on the roofs of the two towers. The investors have secured the necessary building permits and plan to begin construction work next month. The mall is expected to be completed within two years.

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source: bulgarianpropertiesmarket.com

Philip Morris Grabs 6,8% Mkt Share in Bulgaria, Launches New Brand

Tobacco giant Philip Morris International grabbed 6,8% of the Bulgarian cigarettes market in the first year since re-entering, the company said on Thursday. The figure is less than half the company's global market share, 15,4%, the general manager of Philip Morris Bulgaria, Adrian Vasilescu, told reporters. "Bulgaria is a small country, but with a huge potential for growth," managing director Richard Morgan said. To further expand its reach, the company officially launched its Bond Street brand, which will target the low end of the market with a price of BGN 2. It will compete with Bulgarian brands, produced by state monopoly Bulgartabac, which are in the BGN 2-3 price range. Asked whether Philip Morris would be interested in acquiring Bulgartabac if it were put up for sale, Morgan evaded a direct answer, saying that the company is always on the lookout for opportunities to grow. Bond Street and Marlboro Silver, which will officially go on sale next week, will expand the company's current portfolio, which includes Marlboro Red and Gold, Parliament, L&M and Assos.

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source: bulgarianpropertiesmarket.com

Six Companies on Shortlist for 49% in Second Bulgarian Nuke

Bulgaria's power grid operator NEK said on Friday it shortlisted six companies in the tender to pick a strategic investor for 49% in the nuclear power plant that it will build at Belene on the Danube. The six companies are Czech CEZ, German E.ON and RWE, Belgian Electrabel, Electricite de France and Italy's Enel. NEK will allow each company to see the blueprints for the power plant, conditional to them signing a memorandum of confidentiality, and expects first bids from the interested parties by October 1. The other four companies to have submitted letters of interest - Swiss ATEL and EGL, Spain's Endesa and Bulgarian Kumerio Med - are only interested in stakes of up to 25%. They could still be involved in the bidding a later date, if any of the other six companies are interested in associating with them as part of a consortium.

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source: bulgarianpropertiesmarket.com

Orchid Development To Invest over EUR 100 M for Varna Mall

Orchid Developments Group, a UK-listed property developer and hotel operator focusing on the Bulgarian market, plans to invest upward of EUR 100 M in the construction of its Grand Mall Varna. The 150 000 square meters mall will include 45 000 square meters of commercial space for lease, as well as 40 000 square meters of office space. Work on the project will start before the end of the summer and will be completed by end-2009. Israeli firm Moore-Yasky-Sivan Architects (M-Y-S) will carry out the architectural design and oversight, together with Varna firm LAGIS Ltd. M-Y-S also designed Mall of Sofia, which opened last year, while former Mall of Sofia chief executive Eli Egosi will act as consultant on the project. Real estate consultants Colliers International will handle all leasing contracts in the complex. The project has been recognised as a first-class investment by the country's investment agency BAI, which entitles it to certain tax breaks and state aid.

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source: bulgarianpropertiesmarket.com

Brit Joins Municipal Councillors List for Local Vote in Bulgaria

The British national Patrick John Brown will be the leader of the list for municipal councillors in the Bulgarian village of Avren on the upcoming local elections on October 28. Brown was nominated by the Bulgarian labour and agriculture party, which is in coalition with the United National Front. The 59-year-old Patrick Brown has been living in Avren for four years with his wife Caroline. While in Britain he has worked in a shipyard. He wanted to join the list for municipal councillors to defend the interests of the British community in Avren. Avren is the biggest village in the Varna county on the Black Sea and has become the home of around 40 British families..

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source: bulgarianpropertiesmarket.com