Local fuel trader Petrol Holding and US investment fund Federal Development have set up a joint venture for financing real estate projects in Bulgaria valued at more than USD 3bn over a period of 10 years. The new entity, called Federal Bulgaria Management, will be headquartered in the capital of Sofia with regional offices in the Black Sea cities of Varna and Burgas. It would seek opportunities to cooperate with the municipalities. Initially, the investor plans to transform about 50 fuel stations owned by subsidiaries of Petrol Holding into mixed purpose complexes with residential, office and trade areas. Federal Development runs real estate projects worth above USD 7bn. It is specialised in public-private partnerships. Petrol Holding is active in the local fuel trade, media, telecommunications, power generation, aviation and financial sectors. It runs the country’s largest fuel retailer Petrol.