Landmark business sold for 210 mln euro

Real estate investment company Landmark has been sold for 210 mln euro to a company set up by two of its managers. Bridgecorp, incorporated by Landmark managers Tania Koseva-Boshova and Richard McDonald, was chosen through an investment auction. Koseva-Boshova said they will continue the development of the acquired company – which has a portfolio of 22 office and retail developments, and will invest in new projects. The transaction price translates into a return of 7% to 8% for the various properties in the Landmark portfolio, said Bridgecorp. In Sofia, the company owns a 5,000 sq m logistics and office building near the Sofia International Airport leased long-term to express delivery company DHL as well as office centers on the Tsar Osvoboditel and Bulgaria boulevards. Landmark is also developing two office properties in Varna, on the Black Sea, and a commercial park in Plovdiv. The company also owns a stake in Black Sea Rama, a joint stock company currently building a golf course and villa resort under the same name near Balchik, on the Bulgarian Black Sea coast.