Engel Fund Sells Sofia Development For 7.5m Euro

Investment fund Engel East Europe NV is close to finalising the sale of Panorama residential complex in Sofia's Vitosha borough, investor.bg web site reported on March 12, quoting company sources. The buyer, which is expected to sign the deal soon, has remained unnamed.

Engel representatives told investor.bg negotiations for the transaction has started in 2007 and a preliminary contract has been signed in November. The value of the deal is 7.5 million euro. So far Engel has received 75 000 euro. The deal provides for Engel to get 8 per cent from the complex' rental revenues.

Engel's projects in Bulgaria are evaluated at 66 million euro. The fund manages a total of 694 residential units in several projects, 264 of them set for completion by the end of 2008. The construction of the remaining 430 should start in the second half of 2008.