Sun, May 19 2013
Landmark Properties Bulgaria managing director Henry Gwyn-Jones and shareholders Thor Bjorgolfsson and Altima Partners signed the sales of the company for 210 million euro.
A company owned by current Landmark managers Richard Macdonald and Tanya Kosseva-Boshova purchased the Landmark.
Landmark was sold after an investment tender, organised by the London based Credit Suisse Securities, investor.bg reported.
The transaction provides seven to eight per cent profitability of the properties in the Landmark portfolio.
According to Landmark, it was the first case of a company being bought by its managers in the Bulgarian property market.
Landmark was founded in 2004 and its portfolio consists of 22 properties in Bulgaria and one in Turkey with a total area for rent of 92 300 sq m and 61 400 sq m area for construction. Landmark owns several office buildings in Sofia and Varna and a commercial park in Plovdiv, among others.
In February, Landmark announced its plans to invest 80 million euro in properties in Bulgaria in 2007
The option to postpone the due date was contingent on securing 55 million euro for immediate repayment of the amounts loaned by Belgium's Dexia and Japanese bank Mizuho.
The Eurostat data agency said that unemployment reached 10.9 per cent in March, up from 10.8 per cent in February. The March figure translates to 17.4 million people unemployed in the euro zone.
Citing three separate sources familiar with the deal, Capital Daily reports that the creditors found offers submitted by three bidders unsatisfactory.
Eurobank EFG is left with a 30 per cent stake in the merged entity but has said it will exercise its put option on the remaining holding.
The narrow focus of many euro zone countries on fiscal austerity is deepening the jobs crisis and could even lead to another recession in Europe, said the Director of the ILO Institute for International Labour Studies and lead author of the report, Raymond Torres.