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Dec 03, 2007 15:12 EEST
December 3 (SeeNews) - Luxembourg-based real estate investment company Landmark Property Management said on Monday it has sold its Bulgarian unit, Landmark Property Bulgaria, for 210 million euro ($307.6 million) to the company's managers.
Landmark sold its Bulgarian arm to Bulgarian-registered firm Bridgecorp, set up two months ago, which is 90:10 owned by British private individual Richard Macdonald and Bulgarian entrepreneur Tanya Kosseva-Boshova, both managers of Landmark Property Bulgaria.
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The sale is the first management buy-out on the property market in Bulgaria, Landmark said in a statement. The deal was completed last month, after a three-stage investment auction launched in September organised by international financial services group Credit Suisse Securities. Some 15 companies, including foreign-owned, took part in the auction, the company said.
The value of the deal represents an yield of between 7.0% and 8.0% for the different real estates in Landmark's portfolio in Bulgaria, numbering 22 properties.
Prior to the sale, Landmark Properties Bulgaria was part of real estate investment company Landmark Property Management ( www.landmark.lu ), set up in April 2005 and backed by the UK-based investment fund Altima Partners, Icelandic bank Landsbanki owned by billionaire Thor Bjorgolfsson, and London-based Gort Securities, owner of the Radisson SAS hotel in the Bulgarian capital of Sofia.
Landmark Property Management, set up in April 2005, has also projects in Croatia, Serbia, Turkey and Romania.
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