AFI Europe, a subsidiary of Israeli conglomerate Africa Israel Investments, has bought €76.5 million ($104.7 million) worth of real estate in Bulgaria’s Black Sea coastal city of Varna.
“We are buying the office buildings and a future building right,” Akiva Azulay, business development manager for Africa Israel, said in a statement. “It is a big plot and part of it is built and the other part we are going to develop.”
The Varna portfolio includes 200,000 square meters of office, storage and other commercial space.
AFI Europe also has two residential developments and one mixed-use project in the capital of Sofia.
Interest in new EU members Bulgaria and Romania has been steadily increasing, with many firms launching new investment vehicles in the area. Italian real estate investment firm Pirelli RE recently launched two new units for investing in the two countries, and in March London-based Europa Capital announced a first close on its emerging markets fund.
A unit of Lev Leviev’s Africa Israel Investments, AFI Europe invests in commercial and residential real estate in the Czech Republic, Serbia, Romania and Bulgaria.