U.S. Company GRAMERCY buys Business Park Sofia

Gramercy, the U.S. investment adviser, and its related companies are on their way to finalising the acquisition of Business Park Sofia EOOD and Business Park Sofia 2 EOOD - the owners of the major assets of the multifunctional high-technology business park in the Mladost district in the Bulgarian capital of Sofia, the 2 companies said in a press release on Tuesday, September 26.

Gramercy beat to the deal some 55 instructional investors which were courting the German Lindner family which owns the park.  The acquisition is subject to approval by the Commission for Protection of Competition in the Republic of Bulgaria, for which the relevant notification to the regulating authority has already been submitted.

Business Park Sofia is the first business park in South-eastern Europe to bring together to a single location the heavyweights from a diverse group of industries. At this stage the buildings owned by the acquired companies have total rentable area of about 62,000 sq m, including 40,000 sq m of office area, 17,000 sq m of storage area and 5,000 sq m in showroom area.

Upon completion, the buildings will have a total rentable area of 116,800 sq m, including 87,300 sq m of office premises, 21,800 sq m of storage capacity and 7,700 sq m of showroom area.  

By acquiring the two companies - holders of the Business Parks Sofia Project, Gramercy plans to expand its investment operations in the region, and the Business Parks Sofia Project will be key to this strategy. At the same time the large-scale investment program for completing the park will be finalized, the scope of services offered will be increased, as well as their quality, said the press release.

Alfa Finance Holding AD is the local partner and investment consultant to Gramercy.  The holding's subsidiary Alfa Developments EAD will manage Business Park Sofia after the deal. Alfa Developments plans to develop a new significant project in the vicinity of Business Park Sofia - BPS Alfa Center. The project is envisaged as the next stage of Business Park Sofia and will have a total built-up area exceeding 100,000 sq m, including offices, commercial and residential areas.  

The group of the Business Park Sofia, Residential Park Sofia, Commercial Park Sofia and BPS Alfa Center projects will create a first-of-a-kind suburban cluster in Bulgaria, combining in unique fashion work, living and leisure facilities, said the press releases.
'Lindner remains committed to the project Business Park Sofia, to the construction of the new buildings, to the management and maintenance of the complex or current repairs in the existing buildings,' commented Mr. Rosen Plevneliev, General Manager of Business Park Sofia.  

'Our attention will be further focused on developing and finishing of the project Sofia Park, which besides the new buildings in Business Park Sofia includes on the first place Residential Park Sofia; we will invest in it about 90 million euro in the following several years.'

Silver City, a development marketed by The Right Move Abroad, is only an 8 minute drive from the Business Park and is sure to see higher growth due to the business activity in the area. Silver City is a unique combination of luxury apartments, offering all amenities to its residents and a multitude of services and equipment, only found in the best 5-star hotels.

The development is based on a “house-in-a-building” concept (first in the country), with specially designed large garden terraces. Each terrace is partially roofed by the upper terrace and has a beautifully styled open garden area. The apartments are amphitheatrically situated with living rooms and garden terraces facing the spacious inner private garden. This original architecture provides them with a view to Vitosha mountain to the south.

The modern sports facilities, including a swimming pool, fitness/health centre, mini golf, combined with the numerous services provided, create a new, unmatched lifestyle for owners and residents. They are people for whom the luxury, convenience and services are of primary importance when choosing a home. The development has sold well on the UK market and apartments are still available from €110,000.

Golfing legend, Nick Faldo bought two apartments in the complex and stated "“On researching various markets for personal investment, Bulgaria and in particular Sofia really stood out as areas of massive potential growth. I contacted The Right Move Abroad and spoke to them about the various opportunities that the city offered, and decided that Silver City would make a solid investment opportunity. I have subsequently purchased apartments in Silver City, as I believe that this is the best development in the city at present.”

For more details about this development, please visit the agents website at http://www.therightmoveabroad.com