Tuesday, August 19, 2008

Bulgarian Telecom Planning EUR 300 Million Sale Leaseback of 100 Properties

Estates Gazette is reporting that Bulgaria’s former state telecom operator Bulgarian Telecommunications Co (BTC) is seeking international investors for a large 20-year sale-and-leaseback transaction.

The company will reportedly market a €300m portfolio of its most valuable 100 sites in September, including the Telecom Palace in Sophia, which could be redeveloped. BTC will lease back some of the offices and warehouses for up to 20 years, offering the rest for development. The initial yield on the 3.2m sq ft portfolio will be 10%.

Cushman & Wakefield affiliate Forton International is representing BTC which is reviewing whether it needs to own any of its 2,000 properties. BTC wants to release equity to invest in core operations.

BTC was privatised in 2004 and is now owned by US insurance giant AIG. Sphere: Related Content

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