Lewis Charles Sofia Property, the Bulgarian residential property investment fund, said in a press release quoted by news agency Dow Jones that it has made two further major acquisitions in Plovdiv, Bulgaria's second largest city. The cost of both plots is 3.55 mln euro. The company said the first plot is situated 2 km from the center of Plovdiv on which 17 luxurious villas are planned. All building permits and associated consents have already been obtained and construction, which is expected to take around 15 months, is expected to start before the end of 2006.

The company said the second plot comprises a disused tobacco factory building which is located right behind the main shopping street in the heart of the bustling city centre and with views towards the 2nd century AD Roman theatre and the old town of Plovdiv. A new open plan state-of-the-art development will replace the existing building whilst at the same time reflecting the scale and proportions of the old building. The development will provide eight floors each of which will have 360 sq m of space, the building will be changed into luxury apartments and commercial facilities. Planning consent has been received and detailed designs on the project are well underway. Development of the project is expected to start at the end of the first quarter of 2007.

Lewis said both plots are to be developed by Westhill Investments, a well known investment advisory company and property developer which operate a number of investment funds and development projects in European emerging markets and the U.K. To date the fund has invested approximately 71% of the funds raised at launch net of all expenses, including these latest two purchases, said managing director Stavros Loizou. 'These acquisitions highlight our strategy of buying the land first, both regulated and non regulated which will then allow the fund to phase the developments as and when it seems appropriate.'