Landmark Bulgaria Sold In A 210-Mln Euro Deal

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Henri Gwin Jones, co-founder and CEO of Landmark, and the rest of shareholders – Tor Bjorgolfson and Altima Partners, have signed a deal selling Landmark Bulgaria to Bridgecorp Jsc for 210 mln euros.

This is the biggest dela on the Bulgarian real estate market so far. The sale was realized in an investment auction organized by credit Swiss Securities, London. The value of the deal reflects a 7-8% return of the different properties in the portfolio.

Bridgecorp Jsc is owned by the current managers in Landmark Bulgaria – Richrad Macdonald and Tanya Koseva-Boshova, which makes it the first deal in Bulgaria, in which the management gets control of the company.

Landmark was founded 3 years ago and its portfolio consists of 22 properties in Bulgaria and 1 in Turkey, with a total built-up area of 92,300 sqm, and 61,400 sqm of land. Landmark controls several office buildings in Sofia and Varna, a commercial center in Plovdiv, the land on which the construction of a golf course is intended, and a university building in Istanbul.

Some of the most notable renters are Post Bank, Nova TV, Deutsche Bank, DHL, CMS Cameron Makena, Baumax, Deloit, EVN, Unica, Alexndra Video.

Eurolex Bulgaria and CMS Cameron Macena are the legal councilors of the buyer and seller, respectively.

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