Soravia, an Austrian property developer, announced Tuesday it would embark on the development of Megapark, an office, commercial and hotel complex, situated on Sofias busiest boulevards, Tsarigradsko Chaussee.
The project, worth EUR 100 million, is a joint undertaking of Soravia and BA-CA Real Invest, which is the real estate investment arm of Bank Austria Creditanstalt. The latter will finance the project.
The entire complex will spread on 90,000 sq m and the hotel component is to be franchised. Construction is slated to get underway early next year and is to be completed in 2009.
Soravia has been present on the local market for 10 years now. Among its landmark projects in Bulgaria is the International Business Centre, which it performed alongside Bauholding Strabag AG. The office building was completely rented out in May 2001.
It finalised another project, Soravia Centre in Sofia, in 2003, which again was erected with BA-CA financing.
In 2004, Soravia started building Europark, a Class A office building on Tsarigradsko Chaussee boulevard.