Austrian property developer Gruppe Cuubuus plans to invest 150-160 mln euro in a multi-phase project for a retail and entertainment center in Bulgarian city Ruse, said a company official. The Ruse municipal council has already received a request for the purchase of a 15.3 ha plot of arable land south of the Metro Cash&Carry outlet in Ruse. The project will be developed by Cuubuus Real Estate&Development Bulgaria OOD and Cuubuus Real Estate AD. According to the sketchy description of the project provided in the land purchase request, the complex will feature shops, restaurants, playgrounds, cinema theaters, bowling alleys and casino.

The size of the planned investment is striking and warrants the presence of a company executive at the municipal council session when the project is reviewed, said council chairman Iskren Veselinov. Half of the plot eyed by Cuubuus will be occupied by various structures while the other will be parkland.

The Austrian company is also in the process of acquiring a 8.0 ha lot east of Ruse for the construction of a logistics center. No further details about the project were immediately available. Cuubuus Real Estate&Development Bulgaria OOD is currently building a 75 m office high-rise in Sofia at a cost of 55 mln euro.