December 5 (SeeNews) - Bulgaria's Speedy Group, the parent company of express delivery firm Speedy [BUL:0SP], said on Monday it completed the acquisition of majority stake in SOMAT logistics base in Sofia for 46 million levs ($25 million/23.5 million euro) from Sofia-registered Vienna Real Estate [BUL:VREA].
The deal, a large part of which was financed through a loan from UniCredit Bulbank, has proceeded through establishment of a joint venture company, in which Speedy Group holds a stake of 76%, while Vienna Real Estate owns the remainder, Speedy Group said in a statement.
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The joint venture will operate under the name of Sofia City Logistic Park. Currently, over 95% of its area is occupied by companies active in logistics, trade and services sectors.
The company will focus on maintaining long-term relationships with tenants, improving the quality of services and creating the best conditions for the tenants' business operations, according to the statement
Express delivery company Speedy has a long-term rental contract with the logistics base located in Sofia's southeastern neighbourhood of Gorublyane, which will expire in 2028.
(1 euro = 1.95583 levs)