ECONOMY

Hungarian firm to invest 300 mln euros in Bulgarian real estate

SOFIA (Reuters) – Hungary’s TriGranit Development Corp will invest more than 300 million euros ($365.9 million) in a large real estate complex in Bulgaria, Bulgaria’s Transport Ministry said yesterday. «It is expected their first investment in Bulgaria will be a complex with a shopping center, office and business buildings worth more than 300 million euros,» the ministry said. «Other investments are being discussed.» Transport Minister Nikolai Vassilev had met with officials from the Hungarian company on Wednesday, the ministry said. The ministry said Trigranit will invest mostly in real estate in Sofia and later in other cities. The Hungarian firm has invested 3 billion euros in Central Europe in similar projects. Bulgaria has seen a recent increase in investment, but a large part of the flow has gone to develop retail chains, offices, and other non-industry oriented items. Traditional export-boosting investors such as car makers and electronics producers say that, despite its cheap, skilled work force, Bulgaria lacks infrastructure and is too geographically isolated from Western European markets to become a top destination for manufacturing investments.