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A seaside project for 1 billion EUR frozen
Anita Valentinova, source : expert.bg, 06.07.2009
The UK investor, Madara Bulgarian Property Fund Limited, a company listed on the London Stock Exchange, declared, that work on the seaside project has been halted and they are waiting additional funding. The huge project, called Black Sea Garden, has been designed by the famous architect Norman Foster.
In the end of the last year, Madara Bulgarian Property Fund announced that it has been looking for additional funding for its Bulgarian projects. At the present, the company owns a land which spreads over 408 341 sq. m. near Byala. According to the project, 200 000 square meters will be used for the construction of holiday estates. This is part of a bigger project, which plans the construction of 1,2 million square meters of luxurious apartments, houses, villas, hotels, shopping and entertainment areas. The entrepreneur company BBT Projects is a partner of the fund for the project in question.
Along with the above, the fund has made an agreement for the acquiring of an area of 124 000 sq.m. close to the Borovets winter resort.
The company hopes that the work on Black Sea Gardens will be restarted when the conditions are better.
Madara Bulgarian Property is looking for partners in order to complete its Bulgarian investments. In addition, the company is willing to sell some of its assets to provide more funds for its investment activities.
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