Mon, May 21 2012
Tishman International has started the construction of Sofia Airport Centre.
The centre is planned to be an international-standard working environment in a landscaped business park setting. The centre will provide about 165 000 sq m of commercial space comprised of Class A offices, prime logistics space and a high quality hotel with dining, recreational, and conference facilities.
More than 250 million euro have been invested in the project. The centre will be located 300 metres from the new Sofia International Airport, and will be managed by Tishman Management Company EOOD, part of Tishman International Companies.
Julian Edwards, manager of the project, claims high interest from global companies and says that the company's aim is to develop the complex into something similar to the Sofia Business Park.
Further project expansion in Bulgaria and Romania is unlikely to occur before the economic crisis passes, however Tishman vow to complete the entire Sofia Airport Center by 2011.
Worst is over for Bulgaria's property market after three years of decline, reports by Yavlena and Bulgarian Properties real estate firms claim.
Draft law envisages professional association for real estate agents and a public register of real estate companies to bring order to the business and get rid of rogues and rip-off artists.
Landmark Centre Varna’s financial reports show its largest debt is an investment loan of 6.9 million euro issued by Eurobank EFG Bulgaria in mid-2008 and secured with a mortgage.
Average market prices of homes in Sofia fell by one per cent in the fourth quarter of 2011 compared to the same period of 2010, according to the Raiffeisen Real Estate Index, as quoted by Klasa daily.
Proportionately, the number of transactions in leva increased as people reacted to speculation that the euro would disappear.