Bulgarian-German venture to invest EUR 250mn in residential complex

The local real estate company Advance Properties and the German ECE Projektmanagement plan to invest about EUR 250mn in the first stage of the project for building a new business and residential complex in Sofia named Europa Park Sofia. The first trade buildings in the complex will be operational in 2010. ECE Projektmanagement, together with Austrian Sparkassen Immobilien AG, also is engaged in the construction of Serdika business centre worth about EUR 180mn.