TransGlobal Assets, an Oregon-based company, has contracted Bulgarian construction firm Sofstroy for complete the development of the White Lagoon Black Sea resort, a USD 400 M project.
After on Friday, the American firm announced plans to acquire a Bulgarian Black Sea resort development, it has now announced it has signed a Letter of Intent with Sofstroy Construction of Sofia, Bulgaria, to serve as General Contractor to complete the build out of the new beachfront development named the White Lagoon Resort.
TransGlobal Assets has secured the construction financing for the White Lagoon project through the General Contractor, Sofstroy, the US company said in a statement.
"Sofstroy Construction is a 60+ year old company with a reputation for building many significant landmarks in Bulgaria's Capital. With a top quality General Contractorsuch as Sofstroy and the backing by a prominent investment bank, we are confident the full vision for this resort will be realized," stated Paul Thompson, Vice President of Investor Relations for TransGlobal Assets.
TransGlobal Assets further explains that the now partially constructed resort, which is located on Bulgaria's Black Sea coastline between the towns of Balchik and Kavarna, will host as many as 8 000 short and long-term patrons within a variety of lodging options throughout the property after all phases are completed.
To date, the property has 120 units nearing completion. The estimated revenue for the overall project from the sales of units and residual, trades and other areas will be approximately USD 400 M.
Other resort accommodations and amenities are either fully built, underway or soon to be started. They include hotel guest rooms, individual houses, in-row houses, a reception hall, indoor/outdoor pools, full SPA facilities, tennis courts, beach and water sport rentals, super market, restaurants, café bars.
The White Lagoon Resort project is located in Topola Village near Kavarna, Bulgaria on the Black Sea coastline, and is anticipated to be valued at more than USD 400 M USD when completed. The acquisition is currently valued at more than USD 100 M.
While the TransGlobal Assets Friday's announcement did not mention it, the White Lagoon project is a development started in 2002 and currently owned by one of the major Bulgarian Black Sea resorts, Albena Jsc.
The three stage development project includes the construction of a vacation resort complex covering approximately two hundred and seventy-two thousand (272,000) square meters with plans to offer guestrooms with spectacular views of the Black Sea, restaurants, a spa for relaxation, retail and reception hall amongst other amenities.
TransGlobal Assets, which is headquartered in Lincoln City on Oregon's Pacific coast, says its guest houses and apartments on the Northern Bulgarian Black Sea coast will house approximately 6 800 people and the White Lagoon Resort will be able to house approximately 8 000 people total. The overall project consists of the following dwellings to be built: 276 individual houses, 282 in-row houses, 1,194 apartments and 4 hotels.
It further states the location of the White Lagoon Project provides easy access for vacationers and tourists with amenities such as the natural warm hot springs on the property, an Arnold Palmer designed Golf Course nearby and the local airport within a few miles.
The "White Lagoon JSC" Project is a public company listed on the Bulgarian Stock Exchange.
Transglobal Assets, Inc. is a holding corporation working in diverse industries around the world such as renewable energy ventures, resort and hospitality properties, senior-related services, commercial real estate, select manufacturing, and beyond.
Bulgaria's northern Black Sea coast remained relatively better preserved and less touched after the construction and development boom of the pre-crisis years, which has been blamed for destroying much of the unique nature of the Bulgarian coastline.