News
Bulgartabac sells Plovdiv cigarette factory
Bulgartabac Holding, the Bulgarian tobacco monopoly, Wednesday sold 78% in its Plovdiv cigarette factory for 30.8 mln levs on the Sofia stock exchange. The bulk of the share package fetched 36.57 levs per share on average, way higher than the guide price of 24.90 levs. The buyer of the larger share packages will be revealed after the transactions are processed by the Central Depository. Over 868,000 shares in the Plovdiv cigarette maker changed hands on Wednesday in more than 100 trades. The... [more]
Realtors: construction co's facing decline in profit margins
The increased cost of construction materials and the standstill in property prices will push down the profit margins of the Bulgarian construction companies by 6-8% in 2008, said local real estate brokerage Yavlena. At the moment, the profit margin per build is 30-35%, considerably higher than the 10-20% margin typical for mature markets, said the realtors. Yavlena is also forecasting zero growth for the price of land plots zoned for residential construction in the bigger cities, citing... [more]
100 mln euro Mall Bulgaria project kicks off
Developers broke ground Tuesday for the 100 mln euro Mall Bulgaria property in Sofia. The office and shopping mall scheme, located on the Bulgaria boulevard, should be completed in two years, said Eli Egosi, manager of the property and representative of LSProperty, the company bankrolling the project, and of Salamanca Capital, the international property management group. The development will have a build area of 140,000 sq m, including 33,000 sq m of leasable retail space and 25,000 sq m of... [more]
4 mln levs is avg size of loans borrowed by major business customers
Major corporate customers borrow around 4 mln levs on average from Bulgarian banks, shows end-March data released by the central bank. The number of companies that have taken out a loan bigger than 1 mln levs increased by 1383 in the past year to 4,191. This group of customers has borrowed 3.9% of all corporate loans in terms of volume and 69% in terms of value (16.8 bln levs). The end-March corporate loan portfolio of the local banks stood at 24.5 bln levs. The volume of loans exceeding 1... [more]
Office Space Prices in Sofia
Office space market in Sofia amounts to 800,000 sq. m with 1.1 mln sq. m under construction, which are to be launched on the market in the next three to five years. This segment traditionally reflects the economic actovity in the country, specialists say. The demand for office space of higher class is strongest in Sofia. It has grown by 69%, attracting considerable entrepreneurial interest in the sector. The strong performance of the segment in the last few years may be put down mainly to... [more]
First dig of "Bulgaria Mall"
The mayor of Sofia Boiko Borisov will attend to the first symbolic dig of "Bulgaria Mall", states the press release of the Municipality. The event will take place on the corner of "Bulgaria" Blvd. and "Todor Kableshkov" Blvd. "Bulgaria Mall" will have 4 underground and 4 above-ground levels, spreading on over 137 000 sq.m., 30 000 of which will be the commercial spaces and over 25 000 will be the office spaces. The forecast is for over 140 commercial... [more]
Bulgartabac sells Stara Zagora cigarette factory
Bulgartabac Holding, the Bulgarian state-owned tobacco monopoly, Monday unloaded its shares in cigarette maker Slantse Stara Zagora on the Sofia stock exchange. A total of 1.07 mln of the company's 1.177 mln shares changed hands on Monday in 75 separate transactions. The reference price for the larger packages was 19.75 levs per share. The majority stake in the company was purchased by a single buyer while the minority stake was acquired by two separate buyers. The names of the buyers of the... [more]
The Chedi luxury hotel brand coming to Bulgarian golf resort
GHM, the owner and manager of a hotel portfolio of highly regarded properties such as The Datai and The Setai, said it will open here a hotel under its upscale brand The Chedi. The local Chedi hotel will be part of the Thracian Rocks golf resort near Kavarna, on the Black Sea, said resort manager Josef Halbherr. In addition to the 60-suite boutique hotel, the Chedi complex in the resort will also feature 30 villas and nine apartment blocks. The GHM-managed complex should be completed in two... [more]
CreditCenter: Avg Value of Loans In Bulgaria Up by 44.33% Y/Y in H1
The average value of the loans extended in Bulgaria went up by 44.33% year on year in the first half of 2008, CreditCenter data show. The average size of the loans obtained in the period stood at 44,886 euros in the first half of the year, compared to 31,100 euros for the year-ago period, statistical data compiled by the credit institution show. The increase may be put down mainly to the growth in real estate property prices. This correlation is outlined clearly in the analysis of the... [more]
No breakout yet for Bulgarian convention tourism industry
Bulgaria's fledgling convention tourism industry is held back by the lack of contemporary well-equipped congress centers, the poor quality of service and sparse leisure options, said Anelia Krushkova, chairperson of the State Tourism Agency (STA). Bulgaria could be raking in $100 mln annually from convention tourism, said the official. The segment is very lucrative with business travelers estimated to be spending here 1,500 euro duirng an average three-day stay. Incoming business travelers... [more]
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