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