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

One of the biggest property funds on the Bulgarian Stock Exchange, Benchmark Fund Estates REIT, is negotiating to sell its largest project, the 35,000 sq. m business center on Sofia's Tsarigradsko Shosse Boulevard, confirmed Veselin Genchev, executive director of the fund.

Last year, the fund's management fixed a selling price of EUR 35 mln for the office center. By comparison, investment in the building is estimated at EUR 27 mln.

"The market situation is very difficult. It is not what we expected, and perhaps only because it is a good product, we will be able to strike a deal, though not at the levels planned before that time," said Genchev to Dnevnik. The property is expected to be commissioned by the end of July.

Along with the business center on Tsarigradsko Shosse, BenchMark Fund Estates is negotiating with the European Commission Representation in Bulgaria for rental or sale of its Rakovski business center in Sofia.

"Negotiations are under way. Within a month, month and a half it will become clear whether there will be a deal," said Genchev.

At the end of last year, Benchmark Fund asked EUR 10.65 mln for its structure on Rakovski Boulevard in Sofia; while the monthly rent was set at about EUR 18 per sq. m. Benchmark has also frozen its ski and spa complex in Borovets winter resort.