SOFIA (Bulgaria), March 17 (SeeNews) – Alfa Developments, the real estate arm of Bulgarian industrial and financial group Alfa Finance Holding, said on Monday it plans to buy 75% of the portfolio of real estate group Landmark Property Bulgaria for an undisclosed sum.
“This is an acquisition of key importance for Alfa Developments for two reasons – on the one hand, the company will balance its project “basket” with profit-generating properties, on the other, the ongoing partnership and exchange of know-how with sellers will firmly position us as leader on the Bulgarian real estate market,” Alfa Developments chief executive Elitsa Panayotova said in a statement.
Landmark's portfolio comprises 22 properties in Bulgaria and one in Turkey with a total leasable area of 92,300 square metres and development land of 61,400 square metres.
“The price will correspond to the overall trend of real estate yields shrinking […] in the region and will probably be a little higher than the previous deal,” a spokeswoman for Alfa Finance Holding told SeeNews, adding that the price has not been set yet.
Luxembourg-based real estate investment company Landmark Property management last year sold Landmark Property Bulgaria for 210 million euro ($330.9 million) to Bulgarian-registered Bridgecorp, a company set by the managers of Landmark Property Bulgaria, British investor Richard Macdonald and Bulgarian entrepreneur Tanya Kosseva-Boshova.
Bridgecorp, which is 90:10 owned by Richard Macdonald and Tanya Kosseva-Boshova, will keep 25% of the portfolio of Landmark Property Bulgaria.
“We are planning to acquire new office and commercial properties, and this will actually be the major goal of our strategic partnership with Alfa Developments," Richard Macdonald said in the same statement.
Alfa Developments is currently developing more than 500,000 square metres of housing, office and commercial area and manages more than 300,000 square metres of office area.
Alfa Finance Holding, majority-owner of mineral extracting and processing company Kaolin, has made several major acquisitions in the region lately, expanding Kaolin’s Business and its own positions in the financial area.
The real estate market in Bulgaria, a member of the European Union since 2007, has grown rapidly in the past few years as both local and foreign demand increase in line with the EU accession and the rising incomes of the population.
($ = 0.6345 euro)
Search for: deal |
Search for: market |
Search for: acquisition |
Search for: management |
Search for: exchange |
Search for: Bulgaria |
 | Research & Profiles SeeNews – Research & Profiles enables an access to over 4,000 comprehensive company and industry profiles and researches from 10 Southeast European countries. |
 | Business SEE TOP 100 - the ranking of the largest companies in Southeast Europe (SEE). SEE TOP 100 is the only ranking of the biggest companies and banks in SEE and a comprehensive, in-depth guide to the economies of the emerging markets of SEE. |
Terms & ConditionsPrivacyCopyrightPublished by All Data Processing. All rights reserved. Created by Ladger.
