Bulgarian-US company to spend USD 3 billion for the development of mixed-use projects in Bulgaria over the next ten years. Federal Development, an international real estate development and asset management company, and Petrol Holding, a leading local conglomerate, announced the signing of a memorandum of understanding to create the joint venture. The preliminary plans of the new-formed company target the transformation and redevelopment of some 50 sites, owned by different firms of the Bulgarian holding. The new venture will develop office, retail and residential space.