OVERCOMES LACK OF ADEQUATE SUPPLY OF INDUSTRIAL SPACE
In May 2012 Pentax Medical finalized an important strategic project – to relocate part of its service operations in a new repair facility in Plovdiv – Bulgaria’s second largest city. Before a final decision was made the company had reviewed about 30 potential locations within the European Union. Forton assisted it in identifying the location, lease negotiations and the fit-out delivery helping the company meet all set deadlines while staying within budget.
Having recognized the favorable conditions for doing business, relatively low costs, highly skilled labor, good infrastructure connections, political and financial stability, Pentax had Bulgaria among the shortlisted locations.
Contrary to the more mature commercial markets Bulgaria had limited offer of speculative real estate in the light industrial and logistics sector even in Plovdiv, the second largest city. Besides, Pentax Medical’s requirement for a repair facility fell between the typical industrial and office real estate offer.
As part of the initial requirement, Pentax needed a partner to manage the fit-out works and guarantee a smooth and timely delivery of the premises.
Our industrial agency team leveraged the firm’s market knowledge and established contacts with local players to uncover hidden opportunities. As a result of the field research a total of three sites developed as owner-occupied facilities were shortlisted and thoroughly reviewed by the client. The final choice fell on a brand new building which was ready for occupation.
After the lease acquisition Forton acted not only as industrial real estate consultant but also as a project manager tendering for suppliers, coordinating the preparation of projects for dry construction, IT infrastructure, specific equipment, HVAC installation and control of the project’s execution.
As a result of the cooperation in industrial real estate, Pentax Medical managed to stay within the allocated budget and meet all set deadlines. The company was handed over the required premises within six months from the initial contact.
In January 2013 Pentax Medical Bulgaria was among the eight companies awarded Investor of The Year 2012 by Invest Bulgaria Agency and presented by the President of the Republic of Bulgaria, Rosen Plevenliev.
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