SAP acquires Park Lane Office Center in Sofia, Bulgaria, for EUR49m
SAP has acquired a newly built class A office building Park Lane Office Center in Sofia for EUR49 million. The purchase price is equivalent to 7.5 per cent asset yield.
Park Lane Office Center was developed by Park Lane Developments, part of AG Capital, a leading real estate investment group with over EUR500 million of assets under management, actively expanding its business in the wider CEE region through the investment and asset management platform Lion’s Head.
Park Lane Office Center was fully completed in June this year and already hosts Allianz Bulgaria headquarters, bringing together more than 600 employees from 9 different locations.
The office building has a gross built-up area of 34,800 sq m, 11 floors above and 2 underground. It is situated in one of the fastest-growing business hubs in the city with excellent transportation links.
The office building has been designed and constructed to the highest international standards in the sector. The sophisticated air conditioning system ensures ample supply of fresh air to the office space, including a special UV system for air disinfection that creates a comfortable and safe working environment for all occupants, employees, and visitors of Park Lane Office Center.
"The building's location and excellent transportation links focused our attention on Park Lane Office Center. The high quality and innovative construction technologies contributed to the final decision for acquiring the building. We believe this new office environment will stimulate even more our company’s innovations and further achievements," says Radoslav Nikolov, Executive Director, SAP Labs Bulgaria.
"Park Lane Developments’ mission is to create offices that inspire. I am happy that for a second consecutive year the office property we developed ranks first in different categories. At the end of 2020, we signed the largest lease transaction on the Bulgarian office market for 6,000 sq m with Allianz Bulgaria. Now we have closed the largest investment deal with SAP," says Tanya Kosseva-Boshova, Managing Partner at Park Lane Developments.