March 31 (SeeNews) - German software company MBition GmbH, a subsidiary of Mercedes-Benz, is renting an office space of 3,700 square metres in Bulgarian capital Sofia, Bulgaria's Bravo Property Fund REIT [BUL:BPF] said.
The German firm will have an option to expand the area under rent to 4,835 square metres, Bravo Property, which owns the office building, said in a press release.
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If the option is exercised, the area to be leased by MBition will represent 35% of the lettable area of the building. This will allow Bravo Property to increase its rental income above the level of 2019 when it acquired the building and achieve 100% occupancy rate of the premises.
Overall, Bravo Property expects stable revenue and profit in 2023 on the back of concluded long-term rental contracts.
Founded in 2017, MBition is developing software for all Mercedes-Benz automobiles. MBition has been present in Bulgaria since 2021, according to the Bulgarian registry agency.