Linexa Lansdowne Company, which plans to build a condominium hotel complex near the town of Razlog in Bulgaria, received its first class investor certificate from Bulgaria's Investment Agency on Thursday.
The project is to build a five-star hotel and a spa centre, indoor and outdoor facilities and apartments. During the three-year construction period the company will invest in the project BGN 105 M.
Last November the Irish-led consortium assembled by Kerry property developer John Moriarty and its international property development company, Lansdowne Real Estate together with local partner Linexa Properties announced their plans to build another EUR 150 M ski and spa resort in Bulgaria.
The project was in cooperation of a former deputy minister from the centrist government of the previously ruling ex-king Simeon Saxe-Coburg's party.
The site was bought for just EUR 1.5 M two year ago, but has been valued at EUR 12 M following a recent rezoning.
Moriarty said the management team overseeing the project included Bulgarian developer Angel Lingorski and his brother Iliya Lingorski, a former deputy minister for finance in Bulgaria.
Meanwhile, the tie-in, including the former Bulgarian minister, acquired over 500 acres on the Black Sea and a commercial site of 110 acres in Sofia.
The news last November came amidst media revelations that high-ranking officials, including ministers and MPs, profitably acquired palatable properties at prices much lower than the tax valuations. |
Bulgarian Property
Bulgarian
