Riofisa, a leading Spanish real estate company, Thursday unveiled a 215 mln euro project for a commercial and entertainment center in Plovdiv, Bulgaria's second biggest city. This will be the company's second development in Bulgaria after it made public last month plans for a 335 mln euro in a commercial and office development in Sofia. The 90,000 sq m complex in Plovdiv will have 70,000 sq m of lettable floor area and 2600 parking spaces. Riofisa expects the property to generate 20 mln euro in annual rent income. In addition to the retail component, the complex will also comprise hotel, office and residential buildings with a combined area of 140,000 sq m. The first stage of the project should be completed in 2009. Riofisa declined to specify the exact location of the development but said it was in the center of the city.

Riofisa's 210,000 sq m commercial and office development in Sofia, located near the capital's central railway station, will comprise a 80,000 sq m commercial center and a 90 m high-rise with office premises, a hotel and a 4,000-car parking lot. No launch target has been set for the project but it should get underway before the Plovdiv development and reach completion by 2010.

In related news, Spanish construction company Fadesa Thursday announced plans for a 23 mln euro development in Sofia. The company said it has already purchased a 1.4 ha land plot in Southern Sofia for the complex which will comprise commercial, office and high-rise residential buildings. Construction of the 36,800 sq m complex, which includes 24,000 sq m of residential floor area, should begin in 3 to 6 months.