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Austrian foundation to build mixed-use centres in Sofia

Austrian foundation Togewa has announced plans to invest a total of 400 mln euro in the construction of two mixed-use retail and office centres on the outskirts of Sofia. The Eurogate project, certified as First Class by the local investment promotion authority, is expected to be recouped within a decade of its completion. The first complex should be completed by the end of 2009 at a cost of 250 mln levs. It will be sited on a 60 ha footprint on the southern arc of the Sofia ring road. In addition to retail and office premises, the complex will deliver hotel, entertainment venues and 10,584 parking spaces. The second complex will be identical and will be located on the exit for the Belgrade-bound expressway. The investor has already purchased 100 ha of land for this phase of the project. Upon completion, the centers will employ around 3,000 staff.