An Estonian-owned firm, Eastern Europe Real Estate Investment Trust, announced it was planning to help establish a 60 million euro industrial park near the Bulgarian capital. Work on developing the business and industrial complex on a 10.7 hectare plot in the village of Mramor, not far from Sofia, will start in 2009, Urmas Lauri, chairman of the management board, said. Bulgaria's national investment agency last week issued a large investment certificate to the project.
MG Baltic, one of Lithuania's largest business conglomerates, completed the purchase of a 51 percent stake in Mediafon, a call transit and content services provider that posted 14 million litas (4 million euros) in sales last year.
The Finnish food group Paulig will invest 100 million kroons (6.4 million euros) in expanding its spices plant in Saue, near Tallinn. Paulig Baltic's chief executive Tiit Nuudi also said 25 's 30 new staff would be hired. Paulig produces the Santa Maria brand of spices as well as a range of industrial spices.
Lithuania's Ukio Bank Investment Group announced it intended to invest some 400 million euros in the construction of a new residential block on a 15 hectare area close to the Neris River in downtown Vilnius. The block will include a leisure center, sports facilities and commercial and residential buildings, according to the Kauno Diena daily. The investment firm, which is controlled by Ukio Bank's primary shareholder, Vladimir Romanov, is still working on the blueprints. The group also said it would invest some 260 million litas (75 million euros) into the Hearts stadium in Edinburgh, which Romanov also owns.