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Cleves launches sixth apartment rental project in Sofia

Cleves, the luxury Sofia apartment rental company, today launches a 21-apartment project valued at €4.8m. Cleves Blvd Residence – as it will be known – is the company’s sixth development in Sofia, bringing the total number of apartments in its rental portfolio to 110.

Catherine Barber, Deputy Head of Mission, British Embassy in Bulgaria, will formally open Cleves Blvd Residence at an event this evening. Over 120 people are expected to attend, including Ambassadors and senior business people.

Cleves Blvd Residence is to the east of Zaimov Park in central Sofia and a twelve-minute walk from Alexander Nevski Cathedral and the government ministries and Embassies in the heart of the city.

Cleves has created a range of stylish 1-, 2-, 3- and 4-bedroom interior-designed apartments in the upper floors and fitted them out to very high specifications.  Unusually, more than half the apartments have 3 bedrooms or more.

Cleves EOOD (www.cleves.bg) is in the process of acquiring a €40m portfolio of up-market, new-build residential property in Sofia.  The company focuses on the top-end of the rentals market.  Its clients are senior international executives and diplomats. The company owns and operates all the apartments in its portfolio.

 Peter Diakov, General Manager of Cleves EOOD, said: “It will be a pleasure to have more apartments available because the rest of our rental portfolio is almost full, with occupancy over 93%.

“This new project is popular already. Even before the launch one third of the units have been reserved. Demand to rent at Cleves Blvd Residence exceeds anything we have experienced before.”

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Israeli Company with Bulgarian Projects to Raise USD 46 M

Bulgaria: Israeli Company with Bulgarian Projects to Raise USD 46 M

Israeli real estate investment firmGazit-Globe, which has projects inBulgaria too, plans to raise about 175 million shekels (USD 46 M) in an offering of bonds and options for bonds.

The company plans to issue six-year bonds and expects that the amount of the money raised can climb to 445 million shekels if all options are exercised.

The 2.6 million options can be exercised until June 14, 2012 at a price of 104.2 shekels each, the company said on Thursday.

Gazit-Globe‘s bonds are rated “Aa3 stable” by Midroog, the Israeli subsidiary of Moody’s, and “A+ positive” by Standard & Poor’s Maalot.

Gazit-Globe in December raised nearly USD 100 M in an initial public offering on the New York Stock Exchange.

In Bulgaria the company operates through its subsidiary Atrium European Real Estate Limited, a Vienna-based investment company, which has a project for a mall in the capital Sofia, but it has been frozen.

The company’s unit Gazit Development also has a project for a commercial park in Sofia.

Gazit-Globe operates in the United States through Equity One and in Canada through First Capital Reality Inc. It is also the largest shareholder in Finland’s Citycon and together with Citigroup controls shopping mall developer Atrium European Real Estate.

Bulgarian Tourism Targets Germany, Russia, UK

The Bulgarian Economy Ministry is launching an advertising project worth BGN 8 M, which aims at achieving a 3% growth of the revenues from tourists coming from Germany, UK and Russia.

Asya Yosifova, head of the project for national marketing of tourism and information of the tourism services offered in Bulgaria, said Thursday that the goal is to achieve a 5% increase of the German, UK and Russian tourists.

“By offering a more diverse presentation of Bulgaria, with products like culture-study tours, eco and rural tourism, gourmet tourism and wine tours, we will try to diversify the offered services and attract new tourists,” Yosifova said.

The advertising agencies, which will work on the ads for Germany and Russia, have already been chosen. The executive company for the project for the UK is yet to be selected.

According to Yosifova, Germany and the UK make about 34% of the trips in Europe and Russia is one of the fastest developing markets.

In 2009, Bulgaria was visited by 740,000 Germans, 287,000 Russians and 286,000 British tourists. The three countries rank third, fourth and fifth, right after Romania and Greece on biggest number of foreign tourists in Bulgaria in 2009.

Bulgaria, Romania Kick off Cross-Border Tourism Project

A cross-border project to improve and popularize tourist opportunities in north-east Bulgaria / south-east Romania is starting, reported local authorities at General Toshevo.

The project is worth EUR 1.5 M and is joint between General Toshevo in Bulgaria and Negru Voda in Romania. Both towns are in comparatively remote areas of the neighboring countries in the historic Dobrudzha region.

The project aims at developing a joint tourist potential for the two municipalities in improving infrastructure, preserving nature and taking advantage of opportunities for sustainable alternative tourism.

This will include road reconstruction, building of tourist information centers and improving access to protected nature areas and historic sites.

Bulgarian Tourism Targets Germany, Russia, UK

The Bulgarian Economy Ministry is launching an advertising project worth BGN 8 M, which aims at achieving a 3% growth of the revenues from tourists coming from Germany, UK and Russia.

Asya Yosifova, head of the project for national marketing of tourism and information of the tourism services offered in Bulgaria, said Thursday that the goal is to achieve a 5% increase of the German, UK and Russian tourists.

“By offering a more diverse presentation of Bulgaria, with products like culture-study tours, eco and rural tourism, gourmet tourism and wine tours, we will try to diversify the offered services and attract new tourists,” Yosifova said.

The advertising agencies, which will work on the ads for Germany and Russia, have already been chosen. The executive company for the project for the UK is yet to be selected.

According to Yosifova, Germany and the UK make about 34% of the trips in Europe and Russia is one of the fastest developing markets.

In 2009, Bulgaria was visited by 740,000 Germans, 287,000 Russians and 286,000 British tourists. The three countries rank third, fourth and fifth, right after Romania and Greece on biggest number of foreign tourists in Bulgaria in 2009.


Welcome to RilaDev’s Blog!

In 2006, RilaDev a English Bulgarian homebuilder embarked on one of the most ambitious hotel and residential project in Bansko, Bulgaria, Pirinea Hotel Spa and Residence.

This blog offers current news and information on the Bulgarian real estate market and economy, local and touristic events and tracks the exciting progress of this emerging market.

This blog will also offer subscribers periodical updates on the Pirinea project, its construction progress and other related information.

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Russell Collins
rcollins@pirinea.co.uk

+44 207 313 8073

Author: Russell Collins - RilaDev

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