Benchmark Fund Puts on Sale Sofia Office Buildings

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

Benchmark Fund Estates REIT, one of the biggest property funds on the Bulgarian Stock Exchange, is holding talks on the sale of its largest project, a business center on Sofia's Tsarigradsko Shosse Boulevard.

“The market is very restricted at the moment. This is not what we expected and may be it is only because we offer a good product that we will be able to strike a deal, though not at the levels initially planned,” Veselin Genchev, executive director of the fund, told Dnevnik 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 last year the the fund's management fixed a selling price of EUR 35 M.

Along with the business center on Tsarigradsko Shosse, BenchMark Fund Estates is negotiating with the European Commission Representation in Bulgaria for the rent or sale of its Rakovski Business Center on Rakovski Boulevard in Sofia.

At the end of last year, Benchmark Fund fixed a selling price of EUR 10.65 M for this building.

Recent surveys 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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