Equest Balkan Properties, the south-eastern European property specialist, has acquired a 40% stake in Bulgarian retail warehouse investment and management company Glorient Investment for €29.4m (£19.9m)

The deal, which values Glorient at €73.4m on an ungeared basis, gives Equest exposure to a portfolio of 16 retail warehouse properties and one office property comprising a total of 893,971 sq ft (83,052 sq m) across Bulgaria.

The properties are let to Technomarket, Bulgaria’s leading electronics retail chain.

Glorient is also constructing 156,078 sq ft (14,500 sq m) of retail warehouse space in the Bulgarian city of Pleven. The space has been prelet to two German retail chains, Billa and Praktiker. Both properties are due to complete by November.

Petri Karjalainen, managing partner of Equest Partners, the investment adviser to Equest Balkan Properties, said: ‘The expected returns [from the Glorient investment] are in line with our return targets and we can see substantial upside to the investment from the undeveloped land holdings currently owned by Glorient.

‘The investment constitutes our eighth investment in the 10 months since our flotation. We continue to focus principally on Bulgaria and Romania, as well as Serbia and Montenegro, Croatia, Turkey, Bosnia and Albania.’

The deal brings Equest’s total commitments to €231m, representing 116% of the capital the company raised at its initial launch.