Bulgarian real estate investment company – “Bulgarian Land Development”, in partnership with “Northridge Capital” Limited – London, announced the purchase of 5 out of the 8 buildings, part of of the former state-owned “Dimitar Blagoev” Printing House. The total area acquired by the joint venture is estimated at 29 000 sq.m.
The industrial complex is located along the Tsarigradsko Shose in Sofia and was owned by the German media group “Westdeutsche Allgemeine Zeitung”. “Newspaper Group Bulgaria”, publisher of the most popular newspapers in Bulgaria – “24 Hours” and “Trud”. The total cost of the deal are estimated at 50 million euro, while the whole project has been valued at 70 million euro.
The investors intend to reconstruct the industrial buildings and turn them into a first-class office & business complex. Office space is expected to be 23 500 sq.m and in addition, a 3 500 sq.m will be available for trade centre. The complex will also have a total of 241 parking places, 183 of which underground.
BLD and Northridge Capital Ltd. have already been granted a bank loan, which will cover 75 % of the project expenditures. The rest of the funds will be provided by the joint venture. Each company is to contribute 6,5 million euro to the development.
Reconstruction works are expected to finish by the end of September 2010.