Eurohold Bulgaria Sells Auto Union Centre For 27.3 Million Euro

Eurohold Bulgaria has shed the Auto Union Centre complex for 27.3 million euro to real estate Bluehouse LP, an official press release has said on October 12 2009.The transaction was completed on October 9, with Eurohold pledging it will use 16.8 million of sales proceeds to settle its financial obligations with Piraeus Bank Bulgaria, while the remaining 10.5 million euro will be invested in insurance for the company's leasing business, and for "its vehicle operation". The company has generated seven million euro profit from the deal, the press statement has said.Auto Union Center is the owner of the office complex bearing the same name on Christopher Columbus Boulevard in Sofia, which was also the headquarters of Eurohold as of October 1 2009. Several months earlier, the holding purchased 80 per cent of the office centre for eight million euro, adding to its already secured 20 per cent ownership from before. In the aftermath of the transaction, Eurohold will remain in the building as a tenant.It now aims to become the first "large mall for new vehicles" in the country. Bluehouse was established in 2004 by Victor Pisante, Yannis Delikanakis and Babis Pandis and is currently involved in southeastern Europe's emerging markets, through three different funds, with 320 million euro in assets. Currently, the company has invested in 20 different offices and real estate projects in the country, according to Dnevnik daily.