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Westhill announces sale of two plots in Plovdiv, Bulgaria

10th December 2006 Print
UK-based investment advisory company and property developer, Westhill, has sold two significant sites of regulated land in and around the historical Bulgarian city of Plovdiv to The Lewis Charles Sofia Property Fund for 3.55m euros.

The first site is within a designated conservation area, which commands spectacular views of Rhodopi Mountains and has all necessary building consents for 17 luxury villas. Building works are expected to commence early in the New Year. Situated 2km from the centre of Plovdiv, the site is located on the historical national rowing club site, between the banks of the river Maritza and the Grebna Baza canal.

The second site comprises a disused tobacco factory building at the heart of the bustling city centre and overlooking the 2nd century AD Roman theatre and the old town of Plovdiv. The plan for the site is to develop a landmark use building, which will complement the cultural and historic environment in which it is located. The works on the development are expected to begin in the first quarter 2007.

Westhill manages a number of investment funds having raised significant equity finance in recent years, offering a spread of risk against geographical locations and portfolios. The current transaction is estimated to be a return close to 100% to equity investors.

Recognising the depth of skill and knowledge of its local team on the ground, Westhill has been appointed by Lewis Charles to manage both sites.

"It's always rewarding to close a deal and deliver a decent return for investors, but there is more to the agreement than just the money, " said Dominic Hicks, Director of Westhill commenting on the Lewis Charles deal adding, "There's a synergy and energy to the partnership - it's great to work with an organisation like Lewis Charles who understands the country and culture and appreciates what Bulgaria offers to property investors."

Stavros Loizou, Managing Director of Lewis Charles Securities, said, "Westhill is first-rate company with which to work - they possess a wealth of market knowledge, have an established network of local contacts and demonstrate excellent project management skills."

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