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A seaside project for €1 billion – on hiatus

Submitted on Wednesday, 1 July 2009No Comment
A seaside project for €1 billion – on hiatus

The investment fund Madara Bulgarian Property Fund Limited, which is traded at the London stock market, announced the hiatus of the project. They await additional financing.

The architectural part of the project called Black Sea Gardens, was done by the famous architect Norman Foster.

Late last year, the fund announced that they will seek additional financing for their projects in Bulgaria. At the moment, the company owns a land that sprawls over 408 341 sq. m. near Byala. According to the project, 200 thousand square meters will be used for tourist estates. This is part of a bigger project, which plans the construction of 1,2 million square meters of luxurious apartments, houses, villas, hotels and entertainment grounds. The company BBT Projects are partners of the fund.

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