|
|||
From: Nigel
ArtDate: 29th November 2006
Section: (FILLYABOOTS NEWS RELEASES)
Remote Name: 87.74.94.219
Date: 10/12/06
Time: 09:34
29th November 2006
Lewis Charles Sofia Property Fund Makes Bulgarian Investment
News Item - Conduit PR
Lewis Charles Sofia Property Fund makes cEuro2.42 million investment in 26,866 square metres of build area for residential development, in Veliko Tarnovo, Bulgaria
Premium area overlooking the City and the Balkan mountain range Construction ready- all relevant permits granted 55% of the Euro52 million fund invested to date in 12 projects including today's purchase The Lewis Charles Sofia Property Fund ('the Fund')(Ticker: LCSS), the Bulgarian residential property investment fund, today announces that cEuro2.42 million has been invested in the acquisition of a plot of land with a build up area of 26,866 square metres on one of the hills in Veliko Tarnovo, Bulgaria. The plot is close to the top of the hill, facing south and bordering one of the city parks to one side. This is a large centrally located plot in an area which is attracting increasing real estate investment interest due to its expansive views. All relevant construction permits for a residential complex have already been granted.
Veliko Tarnovo is located in central Bulgaria on the Yantra River and is famous as the historical capital during the 12th to 14th century before Bulgaria fell to the Ottoman Empire. Picturesquely situated, Veliko Tarnovo lies on three hills and is close to the famous 15th century village of Arbanassi. With tourism becoming increasingly important due to Veliko Tarnovo's rich cultural and historical heritage, employment opportunities are expected to increase. Veliko Tarnovo also lies in the middle of the Pan European Transport Corridor No 9 which runs from Helsinki to Alexandroupolis.
Stavros Loizou, Managing Director of Lewis Charles Securities, commented:
'To date the Fund has invested approximately 55% of the funds raised at launch net of all expenses, including this latest purchase. This acquisition highlights our strategy of buying the land first with a mixture of both regulated and non regulated that will then allow the Fund to phase the developments as and when it seems appropriate. The Management expects to make further announcements in the very near future.'
For further information contact:
Stavros Loizou, MD Lewis Charles Securities + 44 (0)20 7065 1150
Loraine Pinel / Mark Anderson Lewis Charles Sofia Property Fund
website: www.sofiapropertyfund.com
Conduit PR Ltd + 44 (0)20 7429 6666 Leesa Peters/Ed Portman
Edward Portman Conduit PR Ltd 76 Cannon St London 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
|