A new player is entering the industrial real estate segment in Bulgaria. Lion’s Head Investment announced that buys three logistics parks – in Sofia, Varna and Ruse – from the portfolio of Bulgarian Property Developments (BPD). The deal is worth it 71.4 million euros and it is a record for the Bulgarian market.
The buyer is a mixed investment company in which AG Capital – a group of real estate companies, created and managed by Hristo Iliev, and Old Mutual Property, part of the South African financial group Old Mutual – participate. The seller, in the person of BPD, is a private investment company established in 2004.
Who are the tenants?
In the logistics centers that Lion’s Head acquires, long-term tenants are international companies, such as Phoenix Pharma, DHL, DB Schenker, Carlsberg, Speedy (Geopost), Wurth, Sopharma and more than 50 companies.
The biggest of the three logistics parks is located in Varna. The center is dominant for the city and the region and offers its customers 42,241 square meters of modern warehouse, office and commercial space. The location is key, inner city with quick and convenient access to all parts of the city.
The park in Sofia is strategically located on the eastern arc of the Ring Road, providing quick access to both the central city areas and the airport, as well as the Hemus and Trakia highways. The project has been selected as the central warehouse of the leading pharmaceutical distribution company “Phoenix Pharma”and also from another Bulgarian leader in the field of pharmaceutical products – “Sopharma Trading”. Other clients include significant international companies such as Wurth and Jotun.
The logistics center in Ruse is located in close proximity to Danube Bridge 1 and the key border connection with Romania, in the only modern industrial area of the city.
The acquisition of BPD is a significant achievement for the Lion’s Head team and marks the beginning of our ambitious program of regional expansion of our portfolio into a new business sector and into new markets – Bulgaria, Romania and Poland. We plan to keep the BPD brand and develop it together with the existing team,” comments Tanya Koseva-Boshova, managing partner, Lion’s Head.
