01 THE OPPORTUNITY
In the end of July 2016 Teva officially acquired Allergan’s generic business, Actavis Generics. Both companies had big operations in Sofia so the consolidation of the offices was a significant aspect of the actual merge. Teva operated in one headquarters (HQ) while Actavis had offices in two different locations, one of them self-owned.
Forton was engaged to represent Teva and to assist with the real estate strategy, providing a wide range of services including:
• Preparing occupier strategy report;
• Sale of Actavis’ offices as part global corporate RE policy;
• Establishing new HQ for all the offices to move in together.
02 THE SOLUTION
Forton’s team made a market analyses and presented a list of office alternatives meeting Teva’s criteria for the new HQ, including properties under construction.
Actavis’ offices were actively promoted to potential buyers – both investors and companies looking to buy for their own operations.
Part of the working strategy included a short-term extension of the current leases in order to secure the possibility for the selection of best project.
03 THE RESULTS
Parallelly Forton successfully closed 2 deals – sale of Actavis’ offices and lease of new office building to host all Teva employees.
Actavis’s two office floors with total area of 3 460 sqm were sold for the amount of 3.5 million euros.
In November 2017 Teva signed a lease agreement for a stand-alone building under construction of nearly 7 200 sqm offices, 260 sqm storage and 105 parking spaces. In May 2018 the 3 different offices of the company were relocated to the new HQ of Teva in FPI Business Hub.
