Bulgaria Extends Garanti Koza's Deadline for Building Multi-Purpose Complex

Bulgaria Extends Garanti Koza's Deadline for Building Multi-Purpose Complex

Bulgaria's government said on Wednesday it has adopted an addendum to a Memorandum of Understanding (MoU) with Turkish property developer Garanti Koza for the construction of a multi-purpose complex in Sofia, extending the construction deadline by two years. The reason for the extension is a significant delay in administrative procedures, the government said in a statement following its weekly meeting. The Grand Canyon - Sofia project envisages the construction of a complex comprising a retail part, park with lakes, hotel complex, skateboard park and kids playground. In 2015, Garanti Koza said it will invest 240 million euro ($278.5 million) in the construction of the complex. The project was initially planned to be completed in January 2018.($ = 0.8616 euro)

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