The site of a former Balkancar plant, in Sofia, Bulgaria, will become a residential complex.

The Bulgarian News Digest reported VP group subsidiary Lithuanian Vilnius Acropolis will occupy 20 hectares at the site in Krasno Selo district.

The plant's floor space totalled 750,000 square metres. The residential units will occupy 350,000 square metres; 100,000 square metres will be used for trade and recreation centres, and 50,000 square metres for an office building.

Construction is estimated to cost EUR500 million (USD635.3 million). Acropolis acquired Balkancar's plant for LEV8 million (USD5.2 million).

VP group is a private Lithuanian company operating a retail trade network for foodstuff and manufactured goods in the Baltic States.