Raiffeisen Real estate - Poperty in Bulgaria, Bulgarian properties for sale and rent, apartment, house, land and plots

Construction work on the first hall of a car factory has begun in Bulgaria. The automobile facility will spread over 42.9 ha of land near Bahovitsa village, north of Lovech.

As Property Xpress reported, this spring Markan Ltd won a competition to build the factory. Montage Stroitelni Konstrukcii AD (MSK) and Horizont Ivanov EOOD have been appointed subcontractors. The first 1,000 vehicles will roll off the assembly line in February 2011, Trud reported.

The project is being implemented by Litex Motors, a JV between Bulgarian Litex Commerce, Corporative Commerce Bank and Great Wall, China's biggest private car industry entity.

At the start of the project, head of Litex Commerce, Grisha Ganchev said that the initial investment in the plant will be EUR 80 mln, and later will exceed EUR 300 mln.