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LONDON-Bulgaria has seen its first commercial property investment deal, with the sale of Expo 2000, the main office park in the capital Sofia. In the country’s first true international investment deal, Raiffeisen Pro Invest, a subsidairy of the Austrian Raiffeisen Zentrale Bank, has bought the company that owns and manages the park.

The first phase of around 55,000 sf is let to tenants including Schneider, HBO, Siemens, Philips, Hewlett Packard, Nokia and Westinghouse. And there are plans to build further phases of another 130,000 sf, with construction due to start in Autumn 2002.

RPI’s CEO Gunther Bukor said: “One of the great strengths of Pro Invest is that it has experience of developing successfully in new markets and thereby obtaining the advantage of the pioneer. We are very excited by this addition to our portfolio and believe that it will prove to be one of our most successful investments so far.”

DTZ represented the vendors.

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