The golf field of Krasimir Gergov would have a new owner by the end of the year (06.10.2014)
Golf Club St. Sofia located close to the village Ravno Pole will have a new owner by the end of the year. The negotiations for Krasimir Gergov’s golf course have been ongoing for the past few months and several days ago, the future owner – Bulgaria Development Holding Ltd., partially paid out its liabilities. The buyer holding belongs to the Chinese billionaire Steven Lo, who is the main investor behind the mega project St. Sofia. The resort, situated near Musachevo, would have casinos, luxury hotels, attractions and SPA Centers and the golf course would be part of the entertainment facilities.
The market price of the golf course is a little over EUR 10m – half of what the owner had already invested for development and maintenance of the property.
Initially, Bulgaria Development Holding Ltd. paid a 10% deposit and recently prepaid part of the liabilities to the owners of the Golf Club amounting to EUR 4.5m. The largest part of which belongs to Radiant Technology, owned by Petar Mandjukov.
Part of the negotiated amount would most probably be paid in cash. According to our sources, more conditions have to be met before the deal can be finalized.
Thousands of acres
Golf course St. Sofia stretches over a total of 874 decares and is situated between Ravno Pole and Musachevo. A valuable resource in the region is the hot mineral water that flows through Ravno pole and supplies the property of Krasimir Gergov.
Apart from that, Steven Lo plans on buying another 1500 decares of municipal and government land near Musachevo. This includes fields and buildings belonging to the Ministry of Defense, as well as 3 properties (303 decares) belonging to the Elin Pelin Municipality. The sale of the municipal properties is expected to take place by the end of the year.
Bulgaria Development Holdings Ltd. received the right to acquire lands without an auction, because it received a priority investment certificate from the Investments Agency. In exchange for the certificate, the company agreed to invest BGN 1.63bn into the St. Sofia Project in the next 3 years. According to Steven Lo’s consultant Mane Capital, negotiations with construction companies for the future development of the project are underway.
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