Tishman fund buys new building near Sofia airport for 1.5 mln eu

Investment fund Tishman Lindner Bulgaria Real Estate will buy from German construction company Lindner a new built-to-suit property near the Sofia International Airport that will house mail, express and logistics services provider TNT, said Julian Edwards, CEO of London-based Tishman International Management Ltd.

Tishman Lindner Bulgaria Real Estate is a joint venture between Lindner and the Tishman International real estate company.

The 3,500 sq m building will be transacted at 1.5-1.6 mln euro in early 2006, said Edwards. TNT is expected to move into the new property within the next month, said Lindner Bulgaria manager Rosen Plevenliev.

Tishman Lindner Bulgaria Real Estate, registered earlier this year, is developing another 2 projects in Sofia.

The first phase of Residential Park Sofia, located in the vicinity of the Lindner-owned Business Park Sofia, should be completed by the end of 2006, said Edwards. The development will consist of 250 apartments and groundfloor retail and recreational premises. The construction of the entire residential complex will be finished in 3 to 5 years at a cost of 50 mln euro.

The construction of Sofia Airport Center, estimated to cost 65 mln euro, will begin in early 2006 with delivery seen within three years. The complex will house office and logistic properties on an area of 115,000 sq m.

Tishman also announced it will incorporate a consulting firm in Bulgaria within months. The new company will provide management services for residential and business properties.

Source: Dnevnik Daily