Spanish property company Iberdrola Inmobiliaria said on Monday that it has committed to its largest project abroad with the acquisition of a plot of land in Tsarevo, eastern Bulgaria. In a statement, the Spanish firm said it is to invest close to EUR50 mln to develop the Koral Beach Elite tourist resort on the Black Sea coast. The acquisition is part of Iberdrola’s 2008-2010 business plan aimed at expanding the company’s international activities.
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