The acquisition of the Emerald Office Building, located in the Hermes Park and next to The Mall, brings a much needed boost in investment activity to the Tsarigradsko Shousse office corridor in Sofia.
[Sofia, Bulgaria, 13 March 2023] — Resolute Asset Management, responsible for managing and monetizing the remaining real estate portfolio of Piraeus Bank Group in Bulgaria, has announced the acquisition of the former head office building (Emerald Building) by MVF Holding for an undisclosed amount.
The Class-A office building, comprised of nearly 7,000m2 of gross leasable area (GLA) and 90+ parking spaces, has been vacant since Piraeus Bank left Bulgaria in 2019. MVF Holding plan on relocating their related companies’ various offices to the Emerald Building, operating under one roof for the first time.
Emil Angelov, manager of Piraeus Real Estate, the company which owns the Piraeus Bank real estate portfolio in Bulgaria, was pleased with the result, saying, “This transaction demonstrates the quality of the Emerald Building as we were able to achieve an attractive offer price in a very competitive environment.”
“Over the past two years we were approached by numerous potential investors and office tenants,” commented Bryan Turner, Country Director for Resolute Asset Management in Bulgaria, “but the owner-occupier model that MVF offered was the key to a successful transaction for our client.”
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For more information, please call Bryan Turner at +359 889 787 001, or email at bryan.turner@res-am.com
About Resolute Asset Management Group
Resolute Asset Management is a global real estate asset management and advisory firm with over 330 employees and offices in 12 countries across Europe and the Middle East and has been active in the Bulgarian market since 2014. Resolute successfully combines real estate investment, banking, asset management and financing expertise to deliver innovative and effective asset management advisory and portfolio management solutions to the banking and finance, private equity, institutional and public sectors.
For more information, please visit www.resoluteassetmanagement.com
About Piraeus Real Estate
Piraeus Real Estate is part of Piraeus Bank Group and is responsible for the management of the properties owned by the Group in Bulgaria.
For more information, please visit www.piraeusni.com/en
