ECONOMY

Engel Group to build in Bulgaria

SOFIA (SeeNews) – International real estate developer Engel Group plans to invest some 35 million euros in four residential projects in Bulgaria over the next three years, a company official said yesterday. The residential complexes, located in the Bulgarian capital Sofia, cost between 1.5 million euros and 20 million euros each, David Milo, Engel’s country manager for Bulgaria, told SeeNews. The company will start the construction of the four complexes, spanning a total area of 26,000 square meters, in the first half of 2006, Milo said. He added that the projects, which envisage the construction of 720 apartments and 20 houses, targeted Bulgarian citizens. «We build in the places where usually Bulgarians buy,» Milo said. He added the investments would be financed through the company’s own funds and co-financed by Engel’s partners US-based real estate property firm Heitman, US investment bank Lehman Brothers and Austrian retail banking group Oesterreichische Volksbanken (OeVAG). Engel Group has already purchased other plots with a total area of 15,000 square meters to develop other projects in the Bulgarian capital Sofia, Milo said, but did not elaborate.