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New Business Center to Rise in Sofia developed by Austrian company Immorent

23. June 2010

The 10-story building, at the intersection of Todor Aleksandrov Boulevard and Balgarska Morava Street, will have a total area of 10340 sq. m. Investments poured into the project amount to EUR 13 M.

The groundbreaking ceremony for a new business center in the Bulgarian capital was held on Wednesday. The office center project, designed by Sofia-based Arhikom, headed by Vasil Komitov, will be developed by Austrian company Immorent.

The 10-story building, at the intersection of Todor Aleksandrov Boulevard and Balgarska Morava Street, will have a total area of 10340 sq. m. Investments poured into the project amount to EUR 13 M.

The Austrian company Immorent refused to disclose the renting levels of the offices, saying that they expect the market to undergo a considerable change until the opening of the building, scheduled for the end of 2011.

"We know that there can be no development if we don’t trust the market. We would like to express our trust in Bulgaria’s market with the launch of this project," said Gertrud Meisel-Ortner, member of the Managing Board.

She expressed belief in the potential of the real estate market in Central and Eastern Europe and Bulgaria in particular, even though the boom is over. In her words the market in Bulgaria will start to rebound in 2012.

Immorent Aktiengesellschaft operates as a subsidiary of Erste Group Bank AG, which was established in Vienna in 1970.

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