Bulgarian developer Orchid Developments has sold Porsche’s country headquarters building for E13m (£8.9m)
Bulgarian developer Orchid Developments has sold Porsche’s country headquarters building for E13m (£8.9m).
The AIM-listed company has sold Snowside Limited, the subsidiary through which it owns the Porsche Centre development, for a profit of E6m (£4.1m) to Landmark Property Management.
The 86,110 sq ft (8,000 sq m) Porsche Centre is located close to Sofia International Airport and comprises office space, a showroom and workshop space. Construction and fit out works were completed at the end of last year, and tenants include the headquarters and main showroom for the Porsche franchise in Bulgaria and Nova TV, one of the three major national television networks in Bulgaria.
Orchid bought the site for E0.5m (£0.3m) in May 2004 and completed the construction within two years to budget for E6m. Joint CEO Guy Meyohas said: ‘This project has generated an excellent return for shareholders. This is a big step further on realising and delivering on our IPO strategy’.