Prime Property Chooses Architect For Business Park Plovdiv

Prime Property REIT () has chosen architect Ivo Pantelev among 5 candidates to lead the project for Business Park Plovdiv.

The project is worth some 64 mln euros and return is estimated at 30%. The investor's main objective is to diversify its portfolio in order to assure larger profit for its shareholders.

The business park in Plovdiv is the third project of its kind in Bulgaria. Mr. Panteleev is very experienced in the area, having worked on the Mladost 1 Business Center and on the Moskovska Office Building in Sofia. He has also been involved in the construction of the new building of the American Embassy in Bulgaria and on the highest building in the Bulgarian capital – Europe Tower Sofia.

Mr. Panteleev has prizes from 20 national and international competitions including Architecture in the New Millennium, Building of the Year etc. He has worked in partnerships with companies in the US, Austria, Germany and Italy.

The Business Park Plovdiv project will abide by all modern standards for ethnographic architecture and proportion between built-up and open area.

The park will comprise modern 4-5 storey buildings, offices and shops, underground parking, restaurants and supermarkets. It will occupy an area of 48,682 sqm and its total built-up area will be 110,000 sqm. Completion is scheduled for October 2008 and according to plans it is to open doors by 2011.

Prime Property BG invests in construction and sales of residential properties and vacation homes, as well as in construction and renting of commercial and office space in Sofia and in other Bulgarian cities. The company is currently working on 8 projects worth a total of 180 mln euros.

Strategic investors in Prime Property BG are IMMOEAST Immobilien Anlagen AG, a unit of IMMOFINANZ Immobilien Anlagen AG, penion insurer Doverie, Bulstrad Jsc, as well as some American pension funds such as, IBM Personal Pension Plan Trust, The Public Education Retirement Union, Honda US Companies Master Retirement Group, Prudential Retirement Insurance.

Prime Property BG's profit from reevaluation last year came to 11 mln leva. Its future development plans include another capital increase either at the end of this year or at the beginning of 2009 and dividend distribution next year.

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