Local real estate investment trust Prime Property BG said it has sold the site for a vacation village near in coastal municipality Tsarevo to Coral Residence, a wholly-owned unit of Immoeast AG, an Austrian real-estate developer that focuses on Eastern Europe. Immoeast is also a majority shareholder in Prime Property. The 40k sq m land plot changed hands at close to EUR 1m without taxes. The REIT retains a 50% stake in the project, which is estimated to cost about EUR 40m. The development costs and the future proceeds will be evenly split between Prime Property and Immoeast, said Borislav Stoyanov, executive director of Prime Property. Construction works under the resort of 45k sq m built-up area, should be completed by 2010-2011. The resort will consist of a five-story hotel, villas and apartment buildings. Sale prices are expected to be around EUR 1 200-2 000 per sq m.