Alfa Developments, fully-owned by Bulgarian industrial group Alfa Finance Holding, has formally notified the Commission for the Protection of Competition (CPC) of its intention to acquire 75 per cent in property developer Landmark, Alfa Finance said in a statement on March 17. The proposed deal needs CPC approval to go through.
The seller is Bridgecorp, owned by Landmark managers Richard McDonald and Tanya Kosseva-Boshova, who acquired the company last year for 210 million euro in the biggest re-sale transaction on the Bulgarian real estate market. Bridgecorp's shareholders will continue to hold a 25 per cent stake. Alfa Developments is planning to expand the portfolio with new acquisitions of assets in Bulgaria and on the Balkans.
“This is an acquisition of key importance for Alfa Developments for two reasons – on the one hand, the company will balance its project “basket” with profit-generating properties, on the other, the ongoing partnership and exchange of know how with sellers will firmly position us as leader on the Bulgarian real estate market,” Alfa Developments chief executive Elitsa Panayotova said in the statement.