Raycho Raychev, Founder and CEO of EnduroSat, and Petar Mitev, CEO of Chaos, have teamed up to purchase an office project in Sofia that previously hosted the HQ of Alpha Bank.
The building has a leasable area of more than 17,000 sqm and will be used by EnduroSat, an eurospace company, for its own business purposes.
Cushman & Wakefield Forton brokered the deal. UniCredit Bulbank and law firm Yonev Valkov Nenov also worked on the transaction.
CMS in Bulgaria was the legal advisor to the seller and played a key role in the structuring of the transaction and in the drafting and negotiation of the transaction documents.
Yavor Kostov, Managing Partner at Cushman & Wakefield Forton, suggested that the transaction is indicative of the state of the Bulgarian investment market for commercial real estate.
“The market is dominated by deals with properties for own use. Most active are domestic investors who see acquisition opportunities with no competition from large international funds,” he explained.
Kostov expects this investment context to remain in place over the next 6 to 12 months.
