AIM-listed developer Bulgarian Land Development has made its first move into the commercial property sector with the purchase of an office building in Sofia. Until now the company has focused on development and investment in the residential sector.
AIM-listed developer Bulgarian Land Development has made its first move into the commercial property sector with the purchase of an office building in Sofia. Until now the company has focused on development and investment in the residential sector.
A joint venture of Bulgarian Land and private investor Northridge Capital acquired the 30,000 m2 Dimitar Blagoev Printing House in Bulgaria's capital Sofia from German Westdeutsche Allgemeine Zeitung Group for an undisclosed price. The partners plan to develop a EUR 70mln office-led property on the site. Bulgarian Land said it expected the scheme would cost EUR 50mln to develop.
Christo Iliev, chief executive of Bulgarian Land Development, said: 'This acquisition is consistent with our strategy of diversifying our portfolio by moving into commercial and office developments, and brings us a step closer to achieving our strategic objective of being fully committed to investment by the end of spring 2008'.
