BenchMark Fails to Sell Sofia Business Center, Bids Too Low

Business » PROPERTIES | November 16, 2011, Wednesday // 14:58| Views: | Comments: 0
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Bulgaria: BenchMark Fails to Sell Sofia Business Center, Bids Too Low The office center spreads on the 35000 sq. m and the investments made in it have been estimated at EUR 27 M. Photo by arhitektura.bg

The sale of BenchMark business center on Sofia's Tsarigradsko Shosse Boulevard has failed after the bidders submitted unsatisfactory offers, the owner said.

BenchMark Fund Estates REIT, one of the biggest property funds on the Bulgarian Stock Exchange, invited a tender for the sale of BenchMark business center in July last year.

"We are not happy with the offers and besides we are not obliged to strike a deal," Veselin Genchev, co-chief executive office of the fund, told Capital daily.

The office center spreads on the 35000 sq. m and the investments made in it have been estimated at EUR 27 M. In a report about its activities in 2009 the fund's management fixed a selling price of EUR 35 M.

Meanwhile it emerged that BenchMark Fund Estates is close to wrapping up the sale of Rakovski Business Center on Rakovski Boulevard in Sofia to the European Commission Representation in Bulgaria.

The impressive futuristic building is expected to obtain a permit for exploitation by the end of the year.

At the end of last year, Benchmark Fund fixed a selling price of EUR 10.65 M for this building. The deal price went down to EUR 8.2 M, to be paid by the European Parliament.

Recent surveys have showed that asking rental and sale rates for office space in the Bulgarian capital Sofia have significantly dropped driven by the large supply and the weaker demand.

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Tags: Rakovski, Benchmark Fund, Rakovski Business Center, Tsarigradsko Shosse Boulevard, Benchmark Fund Estates REIT, office, real estate, property
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