New venture finalised for Bulgarian property market

A partnership has been struck which will see a number of new enterprises and investment opportunities emerging in the Bulgarian property market.

Deutsche Asset Management, the global asset management arm of Deutsche Bank, and Bulgarian property developer Winslow Developments have agreed on a joint venture which will initially focus on residential developments in the country's capital Sofia.

RREEF, Deutsche Asset Management's unit for the administration of development and investment projects in real estate, will be the working partner of the Bulgarian company in the deal.

Winslow Developments has been involved with the development of Bulgarian property since 2001 and has already been involved in successful projects in the country's Bansko ski resort.

It will own 12 per cent of the joint venture and function as the operative partner, with the remaining 88 per cent owned by an investment fund managed by RREEF, the Sofia News Agency reports.

The enterprise will initially focus on the residential sector of Bulgarian property, with work already underway on two projects to create 700 new apartments through €10 million (£6.8 million) of investment.

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25/07/2006

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