Tishman says Sofia airport commercial park to cost 200 mln euro

Dnevnik, 2006-11-03

     Tishman International Companies, the LA-based outfit active in the acquisition, development, management and financing of commercial real estate assets, Thu said it will invest 200 mln euro in a new commercial park near the Sofia International Airport.
     The construction of the Sofia Airport Center is due get underway in early 2007 with hand-over seen in 5 years' time. The project will be co-financed by Tishman as well as the Bulgarian office of Greece's Emporiki Bank.
     Sofia Airport Center is a multi-purpose mix of office, logistics, storage and hotel buildings located 300 m from the new terminal of the Sofia airport.
     The commercial park will have a 10 ha footprint and built-up area of 256,000 sq m, including 100,000 sq m of office space, 20,000 sq m of warehouse floor area and 40,000 sq m of hotel premises. A subway station, providing a transportation link with the downtown and the western-most boroughs of the capital, should open in the vicinity of the commercial park within 3 years. A total of 90,000 sq m of office space will be placed on the market during the initial stage of the project.
     Some 20,000 sq m of logistics and industrial floor area will be built by the fall of 2007. 30,000 sq m of Class A low to mid-rise office buildings will be ready in the first half of 2008. The center perimeter will be anchored by the 250-room hotel complex that will tower over the adjacent buildings with its 12 floors. The hotel complex will be connected with the office segment via an underground parking lot. The construction of the hotel will begin after a management deal with an international chain operator is in place. The project should be completed in 22 months.

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