Britain's fund plans investments residential developments in Sofia

Lewis Charles Sofia Property Fund, an investment company focused on investment in the Bulgarian residential property market, has revealed details about its forthcoming projects. Lewis Charles Sofia Property Fund, an investment company focused on investment in the Bulgarian residential property market, has revealed details about its forthcoming projects. The fund will team up with BuySell, a local property developer and real estate consultant, for several residential projects in the capital Sofia, said BuySell executive director Charis Kountouris. BuySell will hire the subcontractors and supervise the construction on the sites purchased by Lewis Charles Sofia Property Fund. The fund's inaugural project, a 3,900 sq m apartment building, is already under construction in Sofia's southward borough Simeonovo. The 5-storey Vitosha VETS Simenovo building will have 27 apartments ranging from 78 to 200 sq m. Work on the 7,000 sq m Krastova Vada apartment building is expected to get underway within a month. The 3-storey development will have 70 residential units ranging from 50 to 110 sq m. Another 2 residential projects will kick off in March 2006, said Kountouris. The first envisages the construction of 2 villa communities in the Dragalevtsi borough with 10 and 13 houses each. The villas will range in area between 360 and 390 sq m with between 400 and 700 sq m of yard space. Work on a gated community in the Vitosha borough will also begin next spring. The 1,000-unit complex will consist of several apartment buildings with a combined are of 100,000 sq m. The land plots purchased so far add up to 9 mln euro, said Kountouris. Lewis Charles Sofia Property Fund has secured the purchase options for another 5 sites but will not exercise them until next spring, said the BuySell executive. The area of all sites purchased or optioned by Lewis Charles Sofia Property Fund totals 10 ha. The projects will reach closure within the next 2 years, completing the first cycle of Lewis Charles Sofia Property Fund's operation in Bulgaria, said Kountouris. The fund has secured 60 mln euro for that investment cycle and could raise an additional 120 mln euro from banks. Going forward, the fund intends to develop properties in Bulgarian ski resorts Borovets and Bansko

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