Business Park Sofia Further Strengthens Its Position in the Bulgarian Office Market

SOFIA, Bulgaria, FRANKFURT, Germany and LONDON, February 22, 2017 /PRNewswire/ --

• The construction of a new landmark office building in Business Park Sofia (BPS) will secure its continued position as the largest business office park in Central and Eastern Europe
  
• At the same time, KPMG IT Service and Bulpros Consulting each signed respective five-year leases with BPS for its newest building; these transactions constitute some of the largest lease dealings on the Sofia office market during 2016.

Arco Real Property Holdings, a joint venture between Arco Capital and Deutsche Asset Management's DB Private Equity & Private Markets group, has decided to develop and construct a new office building in BPS. The investment volume for this new building will be around EUR 30 million.

     (Logo: http://mma.prnewswire.com/media/470199/Arco_Capital_Logo.jpg )

     (Photo: http://mma.prnewswire.com/media/470196/Arco_Capital_1.jpg )

     (Photo: http://mma.prnewswire.com/media/470197/Arco_Capital_2.jpg )

     (Photo: http://mma.prnewswire.com/media/470198/Arco_Capital_Atrium.jpg )

The construction of the Class "A" building, which shall be known as Building 15, is being directed by leading German construction management company Lindner Immobilien Management. The construction of the building has commenced and is expected to be completed at the end of 2018. Building 15 shall offer a total of 20,800 square metres of leasable space, with five levels designed for office use, retail units on the ground floor, and two underground parking levels with a total of 260 parking spaces.

Most importantly, the building has already been substantially pre-let to major international tenants. KPMG IT Service and Bulpros Consulting will initially occupy the vast majority of the building which is being developed specially for their requirements. Additional tenants will be able to let smaller areas of the building from around 200 to 3000 square metres. As of today, Building 15 has been 80 percent pre-let.

Like all new investments made by Arco Capital, this building will be planned and constructed as a green building in adherence to strict sustainability criteria. "The greenfield investment is looking to receive a LEED Gold or higher certification, and this was a consideration throughout the entire planning and designing process," Christo Moskov, General Manager of BPS said. "We are happy that after eight years we can expand BPS. The new building will fit the high expectations of international tenants looking for state of the art office buildings in the Sofia CBD," according to Moskov.