Poligraphic Services Buildings In Sofia To Become Class A Offices

Bulgarian Land Development (BLD) fund, registered at the London stock exchange, announced the purchase of five buildings from Dimitar Blagoev Printing House in Sofia. The buyer, a joint venture between BLD and private investor Norhtridge Capital, acquired a gross actual area of 29 000 sq m, Investor.bg said.

The buildings were part of an eight-building industrial complex along Tsarigradsko Shose in central Sofia, which once housed the state printing house.

BLD and Northridge Capital announced that the buildings would be turned into 23 500 sq m of class A office space and 3 500 sq m trade floor, with 241 parking places, of which 183 would be underground.

Total investment in the project was estimated at 50 million euro, with an estimated project value of 70 million euro, Investor.bg.

Loans have been secured to cover 75 per cent of the investment. Each of the partners would contribute 6.5 million euro to the project.

BLD would receive a payment of 1.345 million euro for finding the property and securing the loan, in addition to payments for managing the project, expected to total 600 000 euro for the duration of the construction.

The reconstruction was expected to be finished by September 2010, Investor.bg said.propertywisebulgaria.com