LANDMARK INVESTMENT DEAL ON THE REAL ESTATE MARKET WITH CUSHMAN&WAKEFIELD FORTON ACTING AS AN INTERMIDIARY
THE FORMER HEADQUARTERS OF ALPHABANK ON TSARIGRADSKO SHOSE BLVD. HAS NEW OWNERS
A Cushman&Wakefield Forton team acted as an intermediary in one of the landmark investment transactions on the commercial real estate market in 2024. The consultants of the firm helped conclude the sale of the former headquarters of Alphabank on the capital’s Tsarigradsko Shose Blvd.
The buyer is Raycho Raychev, founder and CEO of EnduroSat, one of Europe’s fastest-growing aerospace companies. His partner in the transaction is Petar Mitev, co-founder, and long-time CEO of Chaos.
The building has a gross area of over 17,000 square meters and will be used by EnduroSat for own purposes.
“We have specific plans for the development of the aerospace sector and this building is strategically important for us to achieve our goals. We will announce further details in the coming months. We are grateful to UniCredit Bulbank and Cushman&Wakefield Forton for their successful collaboration on the transaction, as well as to the team of law firm Yonev Valkov Nenov,” commented Raycho Raychev.
Peter Mitev, who is also the founder of the Big Orange Foundation focused on improving education in Bulgaria, added: “Our goal is to create specific learning technology programs for children from early childhood to graduate level, step by step.”
Anastasia Tsolova, Head of Capital Markets at Cushman & Wakefield Forton noted that the transaction was concluded within very narrow timeframe and tight parameters, satisfying both parties to the deal.
“We conducted a detailed market screening and chose a property fully complying with the needs of EnduroSat both in terms of location and technical characteristics. I am pleased that we successfully concluded yet another chapter of our long-lasting partnership,” she added.
DOMESTIC INVESTORS AND ACQUISITIONS FOR OWN USE DOMINATE THE OFFICE SPACE MARKET THIS YEAR
According to Yavor Kostov, managing partner at Cushman & Wakefield Forton, the transaction for the former headquarters of Alphabank is indicative of the state of the investment market for commercial real estate in Bulgaria. “The market is dominated by deals with properties for own use. Most active are domestic investors, who see acquisition opportunities with no competition from large international funds,” he summed up.
Yavor Kostov expects that this investment environment would remain in place over the next 6 to 12 months. He justified this prospect with the more conservative than expected policy of the European Central Bank and the sentiment of large institutional investors in Central and Western Europe, who are focused on solving their own internal issues and tend to make decisions on new acquisitions more carefully.
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