sofia.html">Business Park Sofia (BPS), an office space, warehousing and logistics property located in Sofia’s southward borough Mladost, is up for sale, Dnevnik learned from international real estate brokerages operating in Bulgaria.

The sale plans were confirmed Thursday by BPS manager Rosen Plevenliev.

’We are assessing some sale opportunities. The interest on the part of institutional investors from around the world is huge,’ said Plevenliev.

BSP, conceived and developed by German construction company Lindner, is one of Bulgaria’s biggest real estate projects.

Work on the business park began in 2004. A total of 35 office buildings with a combined built-up area of 330,000 sq m should be operational by the end of 2007 on the park’s 22 ha site. Upon completion, BPS will house 400 corporations with 10,000 employees.

The sale deal will involve only the 9 ha and 13 office buildings owned by Lindner. The remaining buildings are owned by other corporations.

Lindner is a developer and not an investment fund or institutional investor and therefore it was understood from the get-go that the project will eventually be sold, said Plevenliev.

As part of the initial stage of the sale, 50 global investors managing 300 mln euro each have been invited to consider making a play for the property. The owner will then shortlist 5-6 of the best candidates with whom to negotiate. The whole process should take about a year. The exclusive agency contract has gone to real estate consultants Colliers International.

There is tremendous interest towards the sale in Germany, said Valeri Leviev, manager of Elta Consult, associated partner of CB Richard Ellis for Bulgaria. Several funds have already submitted offers, said Leviev.

Lindner’s investment tally for the project should reach 50 mln euro for the period August 2004-end-2007. Other corporate tenants and investors have contributed as much.

The completion of the BPS project will allow Lindner to focus on other opportunities in Bulgaria, said Plevenliev.

One of them is Residential Park Sofia, the residential counterpart of BPS located across from it on the other side of the Sofia ring-road.

The construction of the gated residential park should begin in August. The 960-home complex will have a built-up area of 127,000 sq m