Germany's Linder Group has sold Business Park Sofia to Gramercy Capital, a US-based REIT, for EUR 180 mln. The price paid for the office, warehouse and logistics property has set a record in Bulgaria, according to a report on the website of a local newspaper. The transaction related to 12 buildings in the park with a combined floor space of 180,000 m[sup]2[/sup]. Nine of the buildings are in operation while the other four are due for completion by the end of 2007.
Germany's Linder Group has sold Business Park Sofia to Gramercy Capital, a US-based REIT, for EUR 180 mln. The price paid for the office, warehouse and logistics property has set a record in Bulgaria, according to a report on the website of a local newspaper. The transaction related to 12 buildings in the park with a combined floor space of 180,000 m2. Nine of the buildings are in operation while the other four are due for completion by the end of 2007.
Property advisor Colliers International, which brokered the deal, said the average monthly rent averages from EUR 10-12 per square metre. Business Park Sofia will have a total of 35 buildings with a combined area of 330,000 m2 when it is completed. It will have 400 corporate clients with 10,000 staff.
Linder Group picked Gramercy as the buyer from an international field that included ImmoFinanz from Austria, Ireland's Quinn Group, Global finance from Greece and Iceland's Landmark.
