Bulgarian Real Estate Expert Enters Royal Institution

Deyan Kavrakov, CEO of ADIS Ltd., one of the leading full service real estate companies in Bulgaria, was named Fellow with the London-based Royal Institution of Chartered Surveyors (FRICS), an international organization of professionals in the real estate and construction business.

This is the first time that the title is conferred on a Bulgarian expert.

When it comes to real estate management, brokerage or valuation, the advice and experience of the Royal Institution Fellows is known to be heeded by governments, world organizations and businessmen.

The Royal Institution of Chartered Surveyors is the leading source of land, property, construction and related environmental knowledge with 135-year history. It supports 110 000 members worldwide, promote best practice, represent consumers' interests and provide impartial advice to society, businesses, governments and global organizations.

The fellows with the Royal Institution of Chartered Surveyors have access to highly qualified professionals from different spheres in the real estate sector to cooperate and protect customers with a strict control on ethics and standards.

Deyan Kavrakov is also the first and only one Certified Luxury Home Marketing Specialist in Central and Eastern Europe and member of the Counselors of Real Estate, USA.

Source: Sofia News Agency

GE Realtor with First Investment in Bulgaria

GE Commercial Finance Real Estate has made real its first venture in Bulgaria, acquiring a 50% stake of the Mall of Sofia, an enormous trade, business and entertainment centre under construction in the heart of the capital city.

The acquisition at the cost of approximately EUR 37 M was made by a consortium of GE Commercial Finance Real Estate and Quinlan Private.

"The 50% transaction marks the first investment ever made by GE Commercial Finance Real Estate in Bulgaria. Through it, we declare our future intentions to expand to the countries in Central and Eastern Europe, where hopefully there are good prospects for economic growth," said Karim Habra, Managing Director of GE Commercial Finance Real Estate for Central Europe.

Mall of Sofia, the biggest shopping, entertainment and business center to be built in Bulgaria, had its cornerstone laid in May 2004. Construction works began two months later after Lindner Bulgaria won the tender for building Mall of Sofia.

Slated for completion next year, the project will contain an ultra-modern two-story trade center, a movie theater, a supermarket and an office building, as well as a multiplex cinema hall. The office part is expected for commissioning as early as May, but most of the office space had already been leased, Mall of Sofia's managers said. Rentals only would guarantee a minimal annual profit of EUR 8 M.

Together with Fellstone, the powerful industrial investor GE Commercial Finance Real Estate bought the 50% stake from the Israeli Ocif Investment and Development and the Austrian Aviv Holding. Ocif and Aviv held 25% of the capital in the Mall of Sofia project. The rest belongs to the Dutch IT Sofia BV, a subsidiary of Cinema City International.

Source: Sofia News Agency