UK-based equity fund Equest Investment Bulgaria is to invest a reported 30m euro (£20.2m, US$38.5m) in a resort and spa complex near Sozopol, on the Black Sea, in Bulgaria.

Construction is scheduled to begin on the complex this month with a completion date of April 2008.

The residential apartment buildings on the development will cover 135,000sq ft (12,550sq m) while the spa centre will be 49,400sq ft (4,590sq m). There will also be a 45-bedroom boutique hotel on site.

The spa will have nine treatment rooms as well as a bar, restaurant and retail area.

There will also be sauna and steambaths, a fitness centre, indoor and outdoor swimming pools, a massage room and a beauty salon. Details: www.equest-partners.com