Winslow Resumes Sofia Residential Complex Construction

Winslow Gardens will be located on some 42 decares of land with a total built-up area of 123,000 sqm, including underground facilities. Photo by winslow.bg

Locally-registered Winslow Group has renewed construction works on residential complex Winslow Gardens in the Bulgarian capital city of Sofia, estimated at more than BGN 200 M, the investor announced.

The move was undertaken after Raiffeisenbank Bulgaria extended financing of BGN 38 M. The investor Winslow Group said it will provide another BGN 52 M.

Construction works started two years ago, run by the global investment unit of Deutsche Bank RREEF with a stake of 88% and by the locally-registered company Winslow Developments with 12%. The project was frozen after the onset of the global economic crisis.

The first phase, accounting for more than a half of all the apartments, is scheduled to be finalized by the spring of 2011 as compared to initial plans for completion by the middle of this year.

“We will sell our apartments to the first clients by the end of the summer of 2011. Two new sales have been clinched since the restart of the construction works,” says Yanik Mekushin, Winslow Group executive director.

Construction works have been resumed after the investors and the bank reached a compromise solution, the statement of the company says. It points out that the project will be completed by new construction companies.

Winslow Gardens will be located on some 42 decares of land with a total built-up area of 123,000 sqm, including underground facilities. It will comprise residential and business areas, sport facilities and restaurants.

The project holds a first class investment certificate.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!