BenchMark Fund Estates to develop hotel, residential property in Kyustendil

Dnevnik Daily, 2006-07-17

     Bulgarian real estate investment trust BenchMark Fund Estates said it will build a residential and hotel complex in Kyustendil, Southern Bulgaria, on an 89.1 ha plot it won at an auction organised by the local municipality.
     The fund and the municipality are yet to sign the contract for the purchase of the option to build a complex consisting of 4- and 3-star hotel facilities, a conference center and indoor and outdoor entertainment venues. The complex, with undisclosed construction cost, will have a built-up area of 29,600 sq m.
     BenchMark Fund Estates said it has no plans to raise money especially for the Kyustendil project. The company's capital was last enlarged to 23.3 mln levs in early 2006 when it issued 15 mln new shares. The Kyustendil project is the fourth in the fund's portfolio.
     It has completed a commercial center on a 17,000 sq m site in Plovdiv. The tenants of the center include toy retailer Felyx Toys, furniture makers Neoset and Jysk and electronics and home appliance retailers Zora and Technomarket Evropa. The fund is currently developing a 14 mln euro mixed-use building on Sofia's Tsarigradsko Shose boulevard with a built-up area of 34,000 sq m.
     The company has also signed a preliminary contract for the purchase of a 9,000 sq m land plot in ski resort Borovets. The lot will accommodate a hotel with built-up area of 12,000 sq m which should be completed by the end of 2007.

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