London-based specialized real estate asset manager Revetas Capital has acquired the office and logistics complex Sofia Airport Center (SAC) from US group Tishman International Companies, Capital Daily reported on February 21.
This is Revetas Capital’s second investment in Bulgaria – in 2014 it acquired the shopping mall City Center Sofia from US real estate fund Heitman. US national Eric Assimakopoulos is the founder and managing partner of Revetas Capital.
The price of the deal was not disclosed. However, the value of SAC’s real estate assets was estimated in the range of €50mn – €60mn by experts quoted by Capital Daily. SAC was the sole investment of Tishman International Companies in Bulgaria.
SAC presently comprises four buildings with 17,000 sqm of office space and 28,000 sqm of logistics space. It is situated on a land plot with an area of approximately 125,000 sqm near Sofia’s airport. There are 750 surface and underground parking spaces. SAC is the first LEED Gold office development in Bulgaria. There is also a possibility for building additional facilities on the land plot.
According to SAC’s website, the warehouse space is fully let, whereas some 2,765 sqm of office space is available (i.e. a vacancy rate of 16.3%). Both figures are slightly better than the average indicators for the respective segments.
The vacancy rate in Sofia’s industrial property market was about 2% in Q4 2015, according to the real estate company Forton, an Alliance partner of Cushman & Wakefield. Jones Lang Lasalle said that the vacancy rate in Sofia’s office market was 20% in H2 2015, improving from 27% in 2012. The firm also estimated a prime yield of 8.5% in the office market.
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