Bulgarian Real Estate - Federal Development, an international real estate development and asset management company, and Bulgaria's Petrol Holding, the second largest oil products wholesaler in the country, said on February 19 2008 they agreed to create a joint venture that would focus on developing mixed-use real estate opportunities in Bulgaria.
Initial plans focused on converting and redeveloping approximately 50 sites, owned by different entities within the Petrol Holding group of companies, including Petrol AD, Naftex Petrol and Evrocapital Bulgaria, which manages its real estate assets. These sites will be converted from oil servicing facilities to mixed-use developments that will likely include office, retail, and residential components.
