Chasing The Elexir

Fri 08 Feb 2008 – Gabriel Hershman Propertywisebulgaria.com
Photography: Svetoslav Stoyanov

Working ’smart’ is more important than slaving for long hours, says Atanas Garov, managing director of Colliers. And his record speaks for itself…

It’s 6pm on a bitterly cold December evening in Business Park Sofia. Staff at the Holiday Inn and surrounding cafes are fiddling with their collars. The area seems strangely quiet. Perhaps it’s just the post-work exodus or pre-Christmas lull because, by all accounts, the Business Park is a resounding success.

Sofia Skyscrapers

Mon 24 Nov 2008 – Zornitsa Lateva /Propertywisebulgaria/

RISING HIGH: The ‘new City’ on Todor Alexandrov Boulevard could feature at least three skyscrapers, but faces opposition because construction would require narrowing the boulevard, one of the busiest thoroughfares in Sofia. Photo: Zhivko Angelov
Try to imagine a colossal skyscraper in place of the statue of Sofia in the centre of the city. It would have happened too, if communist-era ambitions had been realised.

Property rentals soar in major Bulgarian cities

Mon 24 Nov 2008 by Nick Iliev /PropertywiseBulgaria/

The data showed that prospective clients were generally unconcerned whether the flat was in a newly constructed building or in a relatively old one. The main factors in making their decision is whether the flat has undergone recent refurbishment and whether it has the necessary appliances. Fully-furnished apartments are generally of older construction and on average command higher prices.

SLOVENIA’S MERCATOR TO RENT SPACE IN SOFIA’S MEGA MALL

16:28 Mon 17 Nov 2008 – Alex Bivol

Slovenia’s largest food retailer Mercator will rent space for a hypermarket in the Mega Mall in Sofia, currently under construction, deal consultant Raiffeisen Imoti, the real estate arm fully-owned Raiffeisenbank’s Bulgarian subsidiary, said on November 17, as quoted by Dnevnik daily.

 

Mega Mall is developed by Austria’s Real4YOU Immobilien. Its leasable area will be 24 000 sq m, split between more than 100 shops. The area earmarked for the hypermarket is 3054 sq m.

 

With more than 1500 stores in Slovenia, Croatia, Bosnia and Herzegovina, Serbia and Montenegro, Mercator plans to expand on the Bulgarian market as well, targeting the bigger cities and towns in the country, Dnevnik said.

 

In February, before the recent downturn in the global financial markets, Mercator said that it would invest 220 to 260 million euro annually between 2008 and 2012, using both its own sources and debt capital.

On November 12, the group reported a net profit of 36.4 million euro for the first nine months of the year and a revenue of about two billion euro.

Source: Propertywisebulgaria.com

ORCHID DEVELOPMENTS SELLS ZLATNI PYASSUTSI HOTEL FOR 9.9M EURO

Orchid Developments, an international property developer focusing on Bulgaria, said on November 17 that it sold Yavor hotel in the Black Sea resort of Zlatni Pyassutsi for 9.9 million euro.

The developer had said in September in its interim results that it expected the sale of Yavor Zlatni AD, the subsidiary company taht owns the hotel, to complete in October 2008.

The completion process has been advanced and on November 12 the purchaser paid the consideration of approximately 9.87 million euro into two escrow accounts. The company anticipates that the transaction will be completed by the middle of December 2008,” Orchid said in a statement on the London Stock Exchange’s alternative investment market, where the developer is listed.

Source: Propertywisebulgaria

Financial Crisis Hampers Sale of Bulgaria Defense Ministry Real Estate Property

About half of all military real estate property tenders have failed due to lack of investors’ interest, the Bulgarian Defense Minister Nikolay Tsonev announced on Monday during a discussion about the 2009 State budget.

Tsonev was, however, firm that the practice of exchanging military real estate property would not be reinstated.

15 out of a total of 30 tenders of properties belonging to the Bulgarian Defense Ministry did not have any interested candidates and have been canceled, the Minister explained, adding that he was quite pessimistic about any possible future sale of those properties due to the effects of the global financial crisis.

Tsonev further said that he hoped that the failure of those tenders would not have a negative effect on his Ministry’s social program.

1,99% of Bulgaria’s Gross Domestic Product (GDP) are slated for the Defense Ministry. The Ministry’s planed budget, including the sale of the real estate properties is for over 2% of the GDP.

Novinite.com

Miller seals deal for huge Bulgarian mall

The 33,000sqm Mall Varna comprises 150 shops plus leisure facilities, including a multi-screen cinema, bowling alley and food court

Property group Miller Developments has completed its biggest property transaction in continental Europe after reaching agreement on a 120 million deal for the investment purchase of the largest new retail and leisure development in Bulgaria.

Mall Varna, which started trading in June 2008, is located in Varna, Bulgaria’s second-largest city and the country’s leading tourist destination. The city is also increasingly becoming a focal point for overseas investors.

Keith Miller, chief executive of the Miller Group, described Mall Varna as an “impressive addition” to the company’s portfolio. “The investment is part of the group’s ongoing strategy to expand its presence in Europe,” he said. “Despite the current economic climate we expect the retail market in Bulgaria to continue to grow, making this prime asset a very attractive investment opportunity.

“This latest acquisition means Bulgaria is one of eight countries in which we are now operating outside the UK.”

Funding for the deal was provided by the Austrian bank group Raiffeisen. Miller Developments represented itself, while Cushman & Wakefield, in association with Forton International, advised vendor Interservice Uzunovi.

The 33,000sqm Mall Varna comprises 150 shops plus leisure facilities, including a multi-screen cinema, bowling alley and food court. It boasts an international line-up of tenants, featuring big-name retailers such as Adidas, Esprit, L’Occitane and Swarovski.

Phil Miller, chief executive of Miller Developments, said: “Only the best deals are obtaining finance in this market so this deal underlines the capability of the Miller Developments team to source and execute the best transactions.”/ Sunday Herald

Source: Econ.bg

Bulgarian-Israeli tie-in to build congress hall in Veliko Turnovo

Bulgarian company CBA Property Investment, the real estate division of discount retailer CBA Bulgaria, has teamed up with an unnamed Israeli investor to raise a five-star congress centre and a shopping mall in Veliko Turnovo.

The news was announced during Israeli ambassador Noah Gal Gendler’s visit to the town in central Bulgaria. Veliko Tarnovo offers investment opportunities in construction, transport, tourism and trade, Gendler said.

Israeli investors are also expected to be involved in the construction of a shopping mall in the town.

Veliko Turnovo is close to the Gorna Oryahovitsa airport and could be used for charter flights between Bulgaria and Israel, but for that to happen, the road infrastructure in the area needs to be upgraded, Gendler and Israel’s honorary consul in Bulgaria, Krassimir Metodiev, said.

Propertywisebulgaria.com