SOFIA (Bulgaria), March 18 (SeeNews) - Privately held Bulgarian Real Estate Fund (BREF) on Tuesday said it will sell an office building in Sofia to Bulgarian-registered Bridgecorp for 17.5 million euro ($27.6 million), value added tax excluded.
Bulgaria has a flat VAT rate of 20%.
The building, which BREF will sell to Bridgecorp, will have 12,988 square metres of built-up area upon completion at the beginning of 2009, BREF said in a statement.
Bridgecorp is a company set by British investor Richard Macdonald and Bulgarian entrepreneur Tanya Kosseva-Boshova, which last year bought real estate group Landmark Property Bulgaria for 210 million euro. It will sell 75% of Landmark Property Bulgaria’s portfolio to Bulgarian industrial and financial group Alfa Finance Holding for an undisclosed sum.
Bulgaria’s real estate market has attracted interest from foreign and local investors in the past few years as demand increased as a result of the country’s entry in the European Union in 2007 and the rising incomes of the population.
BREF was set up in 2005. Its shares lost 1.3% to 1.76 levs ($1.42/0.9 euro) in a volume of 1,300 stocks on the bourse in Sofia on Tuesday.
($ = 0.6340 euro)
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