460 Billion euro spent for commercial projects in 2007

12.10.2007

From January to October 2007 six large-scale commercial projects in Bulgaria alter their owners for a total of about 460 million euro. The largest deal so far is the gain of Mall Varna. Scottish Miller Developments payed 120 million euro to the local Interserviz Uzunovi for the high-quality craft centre in the coastal city of Varna.
Porche Business Centre, situated close to Sofia Airport, changed its owner as well. Landmark Property purchased the business development from Orchid Developments for the cost of 13 million euro. Landmark enlarged their portfolio with another business development, Hyundai Business Centre, located on Sofia's ring road, close to Business Park Sofia. The investor, Industrial Commerce, dealer of Hyundai for Bulgaria, sold the business centre, which is still under construction, for the value of 22 million euro. The new owners will change the name of the building to Sofia Business Centre. Hyundai's retailer will keep the show room and the service premises.
General Electric and the Irish investment fund Quinlan Private purchised Mall Plovdiv for 100 million euro.
The Austrian CA Immo International expanded on the Bulgarian real estate market by acquiring a third business development. Soravia Bautrager, also an Austrian company, sold Megapark Soravia to their replica for 96 million euro. The commercial centre, equipped with offices and retail areas, situated on Tsarigadsko Chausse Blvd, is set for completion by the end of 2009. Its gross actual area is expected to reach 90 000 sq m.
There is already a contract for the buy of Business Park Varna, 24 Chasa Daily reports, quoting the important investor in the project, Hristo Georgiev. Africa Israel Investment Europe, a company owned by the Israeli billionaire Lev Leviev is acquiring the business centre for an undisclosed come to, which some claim to be in the ballpark of 76 million euro.
It is possible that a few other large-scale deals will be sealed by year-end, experts announced. Usually, the preparation of such deals takes a long period of time and neither of the parties likes to share information in advance of abolition.
The number of investors in business and commercial real estates aiming to sell a complete and functioning project is increasing.
European Convergence Development Company, the major investor in Galleria Plovdiv mall, said they are looking for

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