Lewis Charles fund invests EUR 45 million in property developments
04 March 2008
Lewis Charles Sofia Property Fund, an investment company focused on investment in the Bulgarian residential property market, has a pipeline of eight residential schemes in Sofia with a combined price tag of over EUR 45 million, according to a company announcement.
The fund property portfolio has a total build area of 567,590sqm and currently has a valuation of EUR 83,852,536.
In the Bulgarian capital, the fund is developing gated communities in the Vitosha, Simeonovo and Krastova Vada boroughs.
The first project was completed in 2007 while the other five are expected to be completed during 2009. One of these projects is still at foundation level.
The build area for the six projects totals 95,382sqm. The fund also owns a further 13,170sqm of land in Sofia boroughs Dragalevtsi and 100,713sqm in Kambanite.
Lewis Charles has projects in progress in a number of other locations across the country.
In 2006, the fund purchased a total of 121,420sqm of agricultural land just outside the village of Banya (Razlog municipality) for EUR 2.76 million. The Banya project is expected to involve the building of a first-class holiday village consisting of chalets and upscale apartments.
The portfolio spread further includes projects in Govedartsi, Bansko, Plovdiv, Veliko Tarnovo and Dolna Banya.