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AFI Europe pays EUR 52,5 M for Business complex in Bulgaria's Varna

Date: 28.04.2007

The Israeli investing and construction company AFI Europe signed Monday an agreement for the acquisition of an unnamed offices complex in Bulgaria's seaside city of Varna for EUR 52,5 M.

AFI Europe, which is a subsidiary of Africa-Israel Investments Ltd, bought the complex, which includes three office building covering an area of 40 000 square metres. The company also got a permit for the construction of buildings over another 160 000 square metres.

The investor will pay additional EUR 10 M to the company that will built two of the three buildings as one of them is already erected.

Experts estimated that the annual revenues from the rents of two of the three buildings will be EUR 3 M and EUR 1,7 M from the third.

Currently AFI Europe is building two residential complexes in Sofia, named Malina Tulips and Vitosha Gardens.

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