The country’s biggest bank Unicredit Bulbank has approved a 3-year loan worth EUR 22mn to the local real estate investment trust FairPlay Properties and the UK registered Bulgarian Property Developments for the construction of Varna Logistics Park. The financing would reportedly meet 88% of the construction cost with an option for extending the repayment deadline beyond the project’s completion. The complex, estimated to cost a total of EUR 50mn, will be located in the western part of the industrial zone of the northern Black Sea
city of Varna on the area of 80,000 square metres. Varna Logistics Park will consist of business area and storehouses. The project received first class investment certificate some five months ago. The two companies run another project worth EUR 9mn for logistics park construction in the Danube city of Ruse.