News Article Bulgaria investment NEPI office retail SEE Sofia
by Ákos Budai | Investment

Through its subsidiary NEPI has concluded agreements to acquire the Serdika Center and Serdika Office buildings in Sofia, Bulgaria for €207.4 million.

Serdika Center has a catchment area of 379,000 inhabitants within 15 minutes. The centre opened in 2010, has a GLA of 51,468 sqm and is 99.3% let. It has a diverse tenant mix including numerous international tenants such as Adidas, Benetton, Bershka, Billa, Cropp, Converse, Deichmann, Desigual, Forever 21, H&M, House, Intersport, Massimo Dutti, New Yorker, Nike, Orsay, Pull&Bear, Reebok, Replay, Reserved, Sport Vision, Springfield, Stradivarius, Tally Weijl, Tom Tailor, Tommy Hilfiger, Timberland, US Polo Assn, Yves Rocher and Zara. 
Serdika Center. Photo:

Serdika Office is a Class A office building opened in 2011, built on top of the shopping centre. It has a GLA of 28,488 sqm, it is 98.6% occupied and includes multinational tenants such as Citibank, Coca Cola, Merck and Sutherland.

The aggregate purchase price for the transaction is €207.4 million, to be settled using NEPI’s existing cash resources. Upon closing of the transaction previous owners HANSA Immobilien EOOD and CEE Property Bulgaria EOOD will become subsidiaries of NEPI. 
The transaction will be effective upon approval of the Bulgarian competition authority being obtained.