Glavbolgarstroy to invest 30 mln euro in holiday developments
Glavbolgarstroy to invest 30 mln euro in holiday developmentsGlavbolgarstroy to invest 30 mln euro in holiday developments Glavbolgarstroy (GBS), one of Bulgaria's biggest construction companies, said it has budgeted some 30 mln euro for investment in holiday villages and tourist facilities over the next 3 years. The company's two biggest projects in the tourism industry are the expansion of ski resort Borovets and the construction of a ski center in Berkovitsa, North-western Bulgaria. Both will get underway with the launch of construction of the lift facilities. The low end of the new Borovets gondola lift will be located at an altitude of 1,100 m. The 9 km lift will take skiers to the top of the Markudjitsite ski runs. The resort will be expanded by a specially incorporated company Rila-Samokov 2004. It is co-owned by investment fund Equest (67%), GBS (8%) and the Samokov municipality (25%). GBS owns a 51% stake in the Berkovitsa development with the remaining equity held by the local municipality. The construction of the 900 m ski tow in will begin this summer. The complex with have a bed capacity of 3,000 and should be ready in 5 years. Another major project in the GBS pipeline is the St Toma vacation community near Sozopol, on the Black Sea. The 10 mln euro complex, due for delivery by mid-2008, will comprise residential second homes and a hotel. The company is involved in several smaller projects in ski resort Bansko as well as residential developments in Sofia. Domestic construction projects generate some 95% of the company's turnover. Abroad, GBS has footprints in Russia, Uzbekistan, Kazakhstan, Syria and Turkey. Talks are underway for a contract in Latvia. The overseas project portfolio of the company is valued at 5 mln euro
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