Carrefour In Sofia Sold For To Greek Fund For 200 Million Euro 18/03/2008
French retail giant Carrefour sold its development, which is currently being constructed on Sofia’s Tsarigradsko Chausse Blvd, to Greek fund Assos Capital, for roughly 200 million euro, Alexandros Papageorgiou, the new fund's managing director, said in a statement, as quoted by Kapital weekly. This is the biggest transaction in Bulgaria’s real estate sector since the start of the year and second-biggest re-sale in the segment, topped only by Landmark’s sale for 210 million euro, but ahead of the 180-million deal for Business Park Sofia. Carrefour’s transaction includes the land and the buyer's commitment to invest in the completion of the adjoining commercial centre, which now at its initial building phase. The world’s second-largest retail chain will retain the ownership of... more

Credit Crunch 'could Be Good For Investors' 24/04/2008
The ongoing credit crisis could create potential investment opportunities across the world, experts have suggested. According to Amberlamb, the recent drop in consumer confidence has made some property sellers desperate to offload their stock. Rhiannon Davies, director of the group, said this is particularly apparent in countries which have historically had a strong housing market. She believes that since these locations are still supported by strong "fundamentals" and are likely to recover at some point in the future. Therefore, buyers could potentially snap up a bargain during this downturn and wait for the market to pick up again in the future. Ms Davies commented: "Those who buy in very low today and cash in on the financial crisis will reap the dividends over the... more

Bulgarian Army Signs Suspicious Property Deals 12/03/2008
Bulgarian army made a ‘disturbing’ property deal, swapping 4475 sq m in Sofia’s Yuzjen Park (South Park) residential district for eight apartments with a total area of 710 sq m. The plot was close to the US embassy and had been used as military barracks, Sega daily reported. The deal involves the Defence Ministry and “the quite famous company Nikmi, which was involved in a series of scandalous exchanges of municipal properties” in Sofia, the newspaper said. Under the deal the army plot was estimated at 227 leva per sq m, while the apartments was 1436 leva per sq m. Comparable terrain in Sofia was usually offered at 1000 to 1200 euro per sq m, Sega said. The deal was signed on December 29 2005. Currently five blocks of flats are being constructed on the plot. Nikmi told... more