March 15 (SeeNews) - Bulgarian real estate developer MVF Holding has acquired the former Sofia headquarters of Piraeus Bank Bulgaria spanning some 7,000 sq m, Resolute Asset Management, which is in charge of winding down the lender's legacy real estate, said.
The property, named the Emerald Building, also has over 90 parking spaces and is located in Hermes Park, next to The Mall shopping centre, Resolute Asset Management said in a press release earlier this week. The financial terms of the transaction were not disclosed.
You can subscribe to our M&A newsletter here
Piraeus Bank's properties in Bulgaria are owned by Piraeus Real Estate, part of Greece's Piraeus Bank Group.
"Over the past two years we were approached by numerous potential investors and office tenants, but the owner-occupier model that MVF offered was the key to a successful transaction for our client," the asset management firm's country director for Bulgaria, Bryan Turner, said.
MVF Holding plans to group the offices of all of its related companies in one building.
In 2019, the Greek group sold its unit Piraeus Bank Bulgaria to Eurobank Bulgaria, operating as PostBank, but kept part of the company's real estate assets. Resolute Asset Management agreed to manage and monetise the bank's remaining portfolio in 2020.