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Nov 15, 2023 16:23 EEST
November 15 (SeeNews) - Bulgaria's Park Lane Developments broke ground for a new office building in the capital Sofia, in which local Management Financial Group (MFG) is investing a total of 30 million euro ($32.6 million), the parties said on Wednesday.
The built-to-suit office project, Aya Business Centre, will house all MFG companies, which provides non-bank financial services in Central and Eastern Europe, the parties said in a joint press release.
MFG portfolio includes Seewines, Easy Credit, Viva Credit, Fintrade, P2P lending platform iuvo, buy-now-pay-later specialist New Pay and MFG Invest [BUL:MFG], which became public last year.
The construction, which involves local companies Planning, Hydroinject and Venkov Engineering, is scheduled to be completed within two years. Financing for the project was arranged through United Bulgarian Bank (UBB).
The business centre, which will cover 13,350 square metres, will have eight stories above ground and two underground. It will be equipped with electric vehicle fast charging stations and smart devices monitoring energy consumption.
The holding company has operations in seven countries - Bulgaria, Romania, Ukraine, Poland, North Macedonia, Spain and Croatia, employing over 8,300 staff in 450 offices. It is planning a large-scale expansion into markets such as Mexico, the U.S. and India.
Park Lane Developments, part of CEE-focused commercial and residential real estate investment group AG Capital, launched the Aya office building project in 2022 as a speculative investment, but during the planning process, it entered into a built-to-suit sales agreement with MFG. Park Lane's previous major development in Sofia was an office building which the company sold to SAP Labs in 2021.
($ = 0.9212 euro)
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