PropertyEU - October 16, 2009
Bulgarian industrial and financial group Eurohold has sold the Avto Union Centre office building in Sofia in a sale-and-leaseback transaction to private equity firm Bluehouse Capital Partners. The transaction price amounts to some EUR 27 mln.
Located on Christopher Columbus Boulevard, the scheme is currently 95%-let to Eurohold which will continue to use the property as its main headquarters. The scheme also houses the first car mall in Bulgaria with nine car brands and 47 different car models on display.
Eurohold said that it will use EUR 16.8 mln of proceeds from the sale to repay a construction loan to Piraeus Bank Bulgaria, while the remaining EUR 10.5 mln will be invested in its core business.
'The deal is part of the continuing efforts of Eurohold to divest non-core assets,' the company said. The accounting gain from the sale is EUR 7 mln, it added.
Focused on the South Eastern European markets, Bluehouse manages around EUR 320 mln of assets through three opportunity funds.
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