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Managers buy out Bulgarian real estate firm

Date: 05.12.2007

Bulgarian real estate firm Landmark said on Monday it was sold to Bridgecorp, the company owned by Landmark's two managers, Richard McDonald and Tanya Kosseva-Boshova, for EUR 210 M.

Henry Gwyn-Jones, Co-founder and managing director of Landmark, together with the other shareholders in the company, Icelandic mogul Thor Bjorgolfsson and Altima Partners, sold the firm in an auction organised by Credit Suisse Securities, London.

The deal is the first of its kind in Bulgaria, where a real estate firm is bought out by its managers.

Founded in 2004, Landmark's portfolio includes 22 properties in Bulgaria and one in Istanbul, Turkey. The firm owns several office buildings in Sofia and Varna, as well as the land on which a gold course will be built.

In February, the company announced plans to invest EUR 80 M in projects this year and bought the Porsche Centre in Sofia for EUR 13 M a month later.

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