Sat, Feb 11 2012
Italian company Co-Ver Industrial won the tender for the construction of a business centre near Sofia Airport, Italian news agency Ansa said as quoted by Dnenvik daily.
Investors in the development, Sofia Airport Centre, were Tishman and General Electric Real Estates. The investment was estimated at 250 million Euro.
Tishman launched the construction of the first building of the business centre, Marketing Suit, in August 2007. By the end of 2007, General Electric Real Estate joined the project and shared the investment equally.
The centre would be build in two stages. The first of which should be completed by the end of 2009. The whole project was expected to be finished by 2013, Dnevnik quoted SeeNews agency as saying.
Sofia Airport Centre is planned to spread on 165 000 sq m, 100 000 pf which would be office area. It would also have a luxurious hotel with 250 rooms.
The industrial and logistics segment of the real estate market has defied trends present in other real estate sectors.
The Committee of Italian Firms in Bulgaria (CCIIB) signs a co-operation deal with Confindustria, the largest Italian business chamber, uniting more than 126 000 different companies in Italy. Italy accounts for more than three billion euro of trade annually with Bulgaria, ranking it third after Germany and Russia
Julian Edwards, manager of the project, claims high interest from global companies and says that the company's aim is to develop the complex into something similar to the Sofia Business Park.
Further project expansion in Bulgaria and Romania is unlikely to occur before the economic crisis passes, however Tishman vow to complete the entire Sofia Airport Center by 2011.
Average market prices of homes in Sofia fell by one per cent in the fourth quarter of 2011 compared to the same period of 2010, according to the Raiffeisen Real Estate Index, as quoted by Klasa daily.
Proportionately, the number of transactions in leva increased as people reacted to speculation that the euro would disappear.
Nearly all banks are ready to finance between 80 per cent and 90 per cent of the price of a home, provided it is a good building in a large city, Bulgarian daily says.
Property prices in Bulgaria were five to 10 per cent lower in 2011 than in 2010, while initial estimates for this year are that they will remain largely unchanged, with transactions remaining at ‘crisis levels’.
Bulgaria’s capital city Sofia ranks 17th, report says, quoting Global Property Guide.