Raiffeisen Real estate - Poperty in Bulgaria, Bulgarian properties for sale and rent, apartment, house, land and plots

Bulgaria's telecom service provider Vivacom has withdrawn from the preliminary contract with Irish-based West Incorporated signed earlier this year, it emerged on Friday.

The reason is that the buyer failed to pay the agreed price of EUR 22.5 M.

Irish property investment company West Incorporated announced at the beginning of February that it has acquired the so called Telephone Palace building in Sofia, one of the most significant landmarks in the very heart of Bulgaria's capital city.

The deal value was estimated at over EUR 22.5 M with the total investment in the project expected to potentially exceed EUR 100 M.

In announcing the deal West Incorporated declined to disclose the future purpose of the building but the company said it has already employed a team of top European and Asian professionals, who in the last 6 months have been researching the possibilities to make this building a unique cultural and social center both in Bulgaria and in Eastern Europe.

The Telephone Palace - the first building of the National Telecommunication Company in Bulgaria - has a total built-up area of 17, 401 sq. m., spread across 6 floors above ground. The building is considered one of Sofia's finest and most recognizable landmarks.