GRAMERCY TO PURCHASE SOFIA BUSINESS PARK
Gramercy and persons related to the company are about to finalize the negotiations for the purchase of Business Park Sofia EOOD and Business Park Sofia 2 EOOD. These are the companies which own the business park in the Mladost residential district in Sofia. The deal is to be approved by the Commission for Protection of Competition. Presently, buildings in the business park spread on an area of some 62,000 sq. m, almost two thirds of which are occupied by offices. Warehouses are located on 17,000 sq. m and shops - on 5,000 sq. m. When construction is entirely completed the aggregate area will be 116,800 sq. m. The German company Lindner is the present owner of the business park.
Through the purchase Gramercy wants to expand its investment initiatives in the region. At the same time, the large-scale programme for the park's completion will be finalized and the scope of offered services will be broadened. Alfa Finance Holding AD is Gramercy's local partner and financial consultant. After the deal is closed, the operation of Sofia Business Park will be managed by the holding's subsidiary, Alfa Developments EAD.
According to intentions, Alfa Centre is to be built close to the business park with the total built-up area exceeding 100,000 sq. m, which will included housing buildings in addition to offices and shops. Thus, by realizing the Sofia Business Park, Sofia Residential Park, Sofia Trade Park, and Alfa Centre, the first suburban complex in Bulgaria will be built, combining in an unique way working environment, housing area, and free time places.
We are glad to have won that deal in conditions of a very strong competition against 55 institutional investors. I congratulate the Lindner family for the courage to invest in the idea seven years ago. The clients of Sofia Business Park may expect an improved quality of services. With our partners from Alfa Finance we believe in Bulgaria's potential and we are planning further large-scale investments, said Gramercy's co-managing partner J. Johnston.
Gramercy is an investment consultant, established in 1998 and registered by the US Securities and Exchange Commission. It has effected transactions worth a total of USD40BN so far. As of the first half of 2006 it has been managing assets with an aggregate balance value of USD3.5BN and its equity amounts to USD1.4BN. The company runs five funds at present: Gramercy Emergy Markets Fund, Gramercy Mexico NPL Fund, Gramercy Mexico NPL Fund II, Gramercy Mexico NPL Fund III, and Gramercy Global Optimization Fund.
Alfa Developments is a company for investments and management of projects in the sphere of real estates which is 100% owned by Alfa Finance Holding. Its investments have been directed to the segment of high-quality trade, administrative and housing areas. The company owns a portfolio of projects with planned built-up area exceeding 500,000 sq.m.