St. Sofia smart city, a fairytale to put the Stock Exchange to bed

Capital Concept Limited (CCL) was admitted to trading on the Bulgarian Stock Exchange in October 2017. However, since then, a total of seven transactions with its shares were concluded on the floor of the stock exchange in Sofia, which is below the minimum requirement for trading on the bourse’s main market. As a result, the company was removed from the bourse’s main market in January 2018 and was transferred to the Alternative Market of the Sofia bourse.

This EUR 1.5 billion development, designed by CMDL Architects International, will feature a luxury hotel, convention and exhibition centre, all-weather water park and several top-notch entertainment and business facilities. The developer has decided to take it up a notch by cooperating with ZTE Corp. and making the project “St. Sofia” the first-ever corporate-led smart city project in Europe.

With Sofia’s hotels at nearly full capacity, the proposed addition of the luxury hotel will assist Sofia to meet its future tourist accommodation demands by being able to offer approximately 2,500 guest rooms and suites, upon completion.

Capital Concept Limited (CCL) engages in the acquisition, management, valuation, and share sale of interest in Bulgarian and international companies. The company was formerly known as Welcome Holdings AD and changed its name to Capital Concept Limited JSC. As a holding company CCL is in charge of fundraising for the project. The transition to a public company trading at the Stock Exchange rises its popularity among investors as a whole, including mutual and hedge funds and stockbrokers.

Bulgaria Development Holdings Limited (BDHL) is owned by Capital Concept Limited. In 2014, BDHL received a Priority Investment Project Certificate for development of the entertainment and business complex “St. Sofia” and in August 2017 received a renewal for another two years. In May 2017, BDHL and ZTE Corp. signed a strategic deal during the Belt and Road International Cooperation Summit to transform project “St. Sofia” into a pioneering smart city with close partnership.

Project “St. Sofia” is only a 15-minute driving distance from Sofia International Airport and integrated with smart city functional capacity. The complex combines a tourist resort, a cultural and entertainment centre and a shopping and leisure centre. Together with the Bulgarian government, the project means to establish a top-end international smart city, including a 5-star hotel, a world-class convention and exhibition centre, the world largest indoor water park, a flagship shopping mall, a multi-functional area, a world-class casino and an already operating world-class golf club.

St. Sofia, imagined by architects. Source: high-net-worth-immigration.com

St. Sofia Golf and Spa Complex next to Elin Pelin has had a new owner since June 2019. Foreign investors from Bulgaria Development Holdings Limited sold the property to a Bulgarian company owned by businessman Miroslav Pechev. The deal is clear from documents in the Commercial Register, filed on June 20th.

The value of the transaction is not public information. Non-current assets/land, buildings, facilities, equipment/are estimated at BGN 16.7 million (EUR 8.5 million) according to the company’s 2017 financial statements.

 

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