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From: Nigel
ArtDate: 23rd August 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.114.152
Date: 09/09/06
Time: 16:09
23rd August 2006
Lewis Charles Sofia Property Fund Acquires Land in Bansko & Dobrinishte, Bulgaria
News Item - Conduit PR
c125,000 square metres Construction to begin in autumn 2007 Completion scheduled for end of 2008 The Lewis Charles Sofia Property Fund Limited ('the Fund') (AIM ticker: `LCSS'), the residential property investment fund specialising in Bulgarian properties, today announces that it has contracted to buy c125,000 square metres of land close to the ski resorts of Bansko and Dobrinishte by the Pirin National Park for cEuro2,625,000. Application for change of designation of the land from agricultural to residential use is being made to the relevant municipality and on receipt the Fund is hoping to build a mixed complex of exclusive apartments and villas which would contain its own leisure facilities including a luxury spa centre with swimming pool, restaurant, bar, and tennis courts converting to skating rink in winter. Construction is expected to begin in the autumn of 2007 and the project should be completed by the end of 2008.
The land is situated in a bowl between the three mountain ranges of Pirin, Rila and Western Rhodoppes. Over 40% of Bulgaria's mineral waters are to be found in the region and are used for spa, recreational and industrial purposes. The site is on the edge of an unspoilt rustic village offering stunning views of the surrounding pine covered mountains and Bansko village. In addition to winter skiing, a new 18 hole golf course designed by Ian Woosnam opens in 2007 and the area has the potential to offer outstanding summer holidays of the sort that many Alpine resorts have been gearing up to provide for over the last few years.
The Pirin National Park is a UNESCO conservation area lying at an altitude of 1,008-2,914 with a limestone Balkan landscape, lakes, waterfalls, caves and pine forests. The rugged mountains, with some 70 glacial lakes scattered throughout them, are home to hundreds of endemic and rare species. The area is also rich in archaeological sites and historical villages.
Stavros Loizou, Managing Director of Lewis Charles Securities, commented:
'To date the Fund has invested approximately 50% of the funds raised at launch. The Fund Manager views this as an exciting acquisition that will result in apartments and villas finished to the highest standards accompanied by amazing views with exclusive onsite facilities.'
www.sofiapropertyfund.com
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For further information:
Stavros Loizou T:0207 065 1150 Managing Director Lewis Charles Securities
Panmure Gordon T:0207 459 3600 Nomad Dominic Morley
Conduit PR T: 0207 429 6606 Abigail Singleton
Edward Portman Conduit PR Ltd 76 Cannon St EC4N 6AE Office: +44 (0) 20 7429 6666 Direct: +44 (0) 20 7429 6607 Fax: +44 (0) 20 7429 6699 Mob: +44 (0) 773 3363 501
www.conduitpr.com
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