Greek industrial and construction Copelouzos Group chose Bulgarian market as the first destination of its international expansion plan, investor.bg reported.
The company is a part of the HELPE-THRAKI consortium, which is developing the Bourgas-Alexandroupolis oil pipeline on the Greek side, and, as such, has established some useful contacts with Bulgarian business.
This year Copelouzos Group plans to invest 15 million euro on Greek and Bulgarian real estate markets, according to the Greek publication Capital.gr.
In Bulgaria it will target the residential sector, investor.bg said.
“We are geared to the high end of the market in everything we do – class A office space and luxury housing and we are also going to stick to our company’s beat in Bulgaria. We will concentrate on upmarket residential developments, thus avoiding the heated competition in the residential segment,” the Greek entrepreneurs explained.
They are currently investigating the opportunities for buying a plot and carrying out a project both in Sofia and in nearby regions.
Copelouzos Group officials said that they are expecting to start a project in Bulgaria later in the year, but only if the current business environment in the country allows for applying their standards and in line with the company’s policy and philosophy.
Greek investors are also considering investment opportunities in other countries in the region but these plans are at an earlier stage.
Copelouzos Group plans to concentrate all property-related activities in one company, which will specialise in real estate development and management. This company will probably be set up this year and will oversee the properties, which are included in the group’s portfolio, estimated at 150-200 million euro.
It might be listed on Athens’ stock exchange.
Copelouzos Group is an industrial and technological company, established in 1970. Its sphere of activity includes projects in property, energy, transport and refuse management sectors.
It has been dealing in real estate for 10 years now. So far it has developed residential, office and retail projects in Greece.
