Arco Vara is planning to invest €60m over the next five years in a new residential project in Sofia. The Estonian company’s Bulgarian subsidiary, Arco Lozen, will oversee the project, which will offer 500 residential units on 12 ha of land. The first phase of the project is expected to cost €18m and will include apartment blocks, private houses, a supermarket, and kindergarten. Arco Lozen aims to secure a construction permit later this year and break ground in the first half of 2019. Completion is schedule for the end of 2020.
