03.4.2007

BANIA AREA HOLIDAY VILLAGE DEVELOPMENT ANNOUNCED

Lewis Charles Sofia Property Fund Limited has signed a contract with Winslow Developments to regulate and eventually develop a holiday village project near Bania, which is close to the Bulgarian ski resort of Bansko, the fund said in a press release quoted by news agency Dow Jones on Monday, April 2.

Winslow Developments and the Lewis Charles Sofia Property Fund have signed a 4- year contract for the implementation and management of the project.
The deal, which could generate approximately 113 mln euro in total project revenue, subject to planning permission, involves the regulation of the 121,420 sq m area within the next year, the planning and construction of a holiday village, as well as the marketing and sales of the completed buildings.
The two Companies are continuing discussions concerning the arrangements for after-sale property management. The Fund announced the acquisition of the land at Bania in August 2006.

The Bania project, subject to the grant of planning permission, will involve the building of a first-class holiday village consisting of chalets and spacious apartments. The village will provide all the necessary facilities to guarantee the maximum comfort of its residents such as tennis courts, swimming pools, spa centre, restaurant and bars. The development is situated on a hill offering very attractive views of the Rila, Pirin and Rhodopi Mountains.
Lewis Charles Sofia Property Fund is an AIM-listed investment company focused on investment in the Bulgarian residential property market. The fund has a portfolio of about a dozen projects, mainly in Sofia, Veliko Tarnovo and winter resorts.

Winslow Developments operates since 2001. The company invests primarily in Bulgarian ski resort Bansko where it has completed 5 projects and has another 2 in development.

The developer has also completed a villa community in Sofia and a logistics center in the village of Petrach.

In 2006, Winslow Developments announced it will implement jointly with RREEF, the real estate investment arm of Deutsche Asset Management, the global investment management business of Deutsche Bank, 2 large-scale residential projects in Sofia. The two developments, with cost estimated at 100 mln euro, will deliver a total of 1,000 apartments. (Dnevnik)