Business software specialist SAP has announced the acquisition of Park Lane Office Center in Sofia, Bulgaria, for €49 mln, in the largest office property investment deal in the country so far this year.
The deal, which reflects a 7.5% yield, involves a 34,800 m2 office scheme developed by Park Lane Developments, part of AG Capital, a real estate investment group with over €500 mln of assets under management.
Park Lane Office Center was fully completed in June this year and already hosts Allianz’s Bulgaria headquarters, bringing together more than 600 employees from nine different locations.
‘The building's location and excellent transportation links focused our attention on Park Lane Office Center. The high quality and innovative construction technologies contributed to the final decision for acquiring the building. We believe this new office environment will stimulate even more our company’s innovations and further achievements,’ said Radoslav Nikolov, executive director, SAP Labs Bulgaria.
