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Israeli firm BSR Europe begins construction of a complex of office and residential buildings in Sofia

Dark stairs, surrounded by over 40-year cracked mosaic and relatively inexpensive new ware. The old railings covered with old wood contrasts with the completely new aluminum doors and solid wood - different on each floor. That`s how it looks inside today's pearl of progress in the 70`s - Sofia factory Electronics. In its place the Israeli firm BSR Europe through its subsidiary BSR Sofia begins construction of a complex of office and residential buildings, the company explained that the implementation of the entire project will take place on several stages. The first one starts now. In the free space in the yard will be built two office buildings with total area nearly 26 thousand sq. m, with underground parking and two levels with a total area of 9 thousand square meters. The second phase will again have offices - three low buildings with a total area of 15 thousand square meters Then and now the plant will be demolished.

The investor company at the moment plans as a final stage to build a residential complex, but for now it is rather distant intention. The company has very clear motivations.

Question of the signature and a few million.

"The logic is very simple. We have signed an agreement to give one of two buildings that are beginning to build. If we had a tenant, I would not start. For the second we do not know. There are interviews with companies who want to buy it, and those who want to rent it. But we have no contract and still think it's worth the risk, "explains project manager Jairus Abrahami. He declined to name the name of the company who`s employees will move into the future building. On the market for business areas, however, already several months have persistent rumors that this is one of the largest telecommunication companies.

Another hope for the BSR is that after two years when the first two buildings have been completed, the economic stagnation must be passed and the market for office again is going up. The company believes in the prospects of the region. According to Abrahami the location of the project is very good. On the one hand, you have easy access to the city center and at the same time - and to key roads and the airport. On the other hand, the research firm showed that neighborhoods "Slatina" and "Geo Milev" bordering terrain are most promising for development of residential complexes.

Factor in deciding whether to launch a project certainly is insured financing of Unicredit Bulbank. The financial institution will provide the necessary structure for the first phase of 20 million Euro, and deductibles of BSR in the project is the price of land. According to the financial statements for 2008 "BSR Sofia" the company has paid EUR 34 million for 35 acres on which the factory is located. The company explained that the terrain on which to build a business complex is 11 thousand square meters.

Commencement of construction of both buildings is good news for construction business. More precisely, the selected contractor is the Varna Planex. Abrahami explained that invited more than a dozen companies, mostly Bulgarian. The price of favorite BSR was not the lowest, but it had to guarantee completion on time.

The deal for "Electronics" Within little more than two years of Electronics Plc changed several times their owners. The first change was in October 2007 when the owners of Electronics Commerce 97 "and" Electronics assembly of the auction closed on the BSE sold 36.5 percent of the capital of Electronics. Then the buyer was AGP Development, which subsequently increased its stake to 41.52 percent. The deal with BSR Sofia was even in the summer of last year. This time the subject of selling only the terrain and buildings of Electronics in Sofia district Slatina. According to the report of BSR Sofia "in the price of 34 million euros in addition to entering land and existing buildings which are rented for a period of not less than 30 months from August 2008 after which period the company will start destroying them. Construction of two new office buildings will be built on part of the terrain.

 
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