SOFIA, Bulgaria: Tishman International Cos. began construction Tuesday on a new €250 million (US$335 million) property development project at Sofia Airport.

The Los Angeles-based real estate developer is building a logistics center with corporate offices and other business facilities near Sofia's airport, where traffic is increasing steadily after the Balkan country joined the European Union in January.

"We are proud to lay the foundation of the leading international logistics and office center in Bulgaria," Tishman CEO and chairman Alan Levy said at a groundbreaking ceremony.
The Sofia Airport Center will include about 25 acres (10 hectares) of built-up area as well as a 250-room hotel with conference facilities. The first phase of the project will be completed next year.

The new development will be run by Tishman Management Company EOOD, a Bulgarian unit of Tishman International Companies.
The corporation is planning to sell or rent facilities in the complex to local and international grocery store chains, freight forwarders and other companies that need commercial space close to Sofia Airport.

Construction will be carried out by local companies. The new complex will create between 1,000 and 1,200 jobs.

The Associated Press
Published: June 5, 2007
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