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EUR 133 mln financing Deal for Business Park Sofia

Alex Hayes 04 August 2017

Alex Hayes


+48 22 356 25 20

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

EUR 133 mln financing Deal for Business Park Sofia
The park consists of 14 buildings with another currently under construction
BULGARIA OTP Bank, its Bulgarian subsidiary DSK Bank and Postbank have granted a EUR 133 mln senior financing package to Business Park Sofia with Pricing set at 2.65 pct, plus the three-month Euribor, and a stated maturity of 2027.

OTP Bank acted as the facility arranger DSK Bank as the security agent while both banks acted together as the lead arrangers, syndication agents and underwriters. The Business Park Sofia office complex consists of fourteen class A modern buildings in Sofia. The total built-up area will exceed 210, 000 sqm upon completion of the new development and is fully leased to more than 150 international tenants and accommodating more than 11,000 employees. The business park comprises more than fifty percent of currently leased class A office space in Sofia's central business district

The construction of Building 15, is underway with Lindner Immobilien Management supervising the construction, which is expected to be completed at the end of 2018. Building 15 shall offer a total of 20,000 sqm of leasable space, with five storeys and retail units on the ground floor. The building will also have and two underground parking levels with a total of 255 spaces. The building has already been 90 pct pre-leased to major international tenants.

"Business Park Sofia is the most iconic office park in the Sofia CBD, which is one of the most dynamic markets in the Central and Eastern Europe region," said Boyan Stefov, the head of corporate banking at DSK Bank EAD. "When you look at the most desirable office address in the capital, the business park is always amongst a very elite peer set, and that is always led by Business Park Sofia," he added. "This transaction is a rare combination of exceptional real estate, an outstanding market, and top tier institutional ownership. We, and our lending syndicate, felt extremely comfortable in leading the path in structuring a new CEE benchmark transaction that provides our new client with a very competitive cost of funds and ten-year maturity in order for them to fully develop their business plan. DSK Bank always try to be at the forefront of lending trends and marquee transactions," added Stefov.

"The new financing structure provides extremely attractive term financing for our balance sheet assets and Business Park Sofia. This important transaction gives us greater flexibility and significant strength as we build on our existing operations as the leading regional business park," said Borislav Hristov, CFO at Arco Real Estate Management, the owner of the park.

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