Mixed Use Building Complex

Owner: RITZ Associate JSC

The Building Complex is situated in the wide center of Sofia within close proximity to USA Embassy and Hotel Marinela Sofia with easy access to the ring road and the center of the city. As one of the oldest neighborhoods in Sofia, the area is known locally as the home to Embassies, prime companies, and restaurants; the Lozenets neighbourhood is one of the best places to live and work in.

The buildings, consisting of office and commercial areas, were constructed in 1971 -1977 and Ritz Associates owns them since 2006. For the period 2006-2016, the Building Complex was constantly improved and renovated.

Photos by Nick Pandev

The property consists of two buildings with a buildup area of 4920 Sq m, two floors each one.
The Ground floor includes a commercial area of 2920 Sq m and the office floor – 2000 Sq m.
The plot dedicated to the buildings is 46, 55% ideal parts of 6140 Sq m.
The property has 100 meters exposure on Nikola Vaptsarov Blvd

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Project Activities

Purchase phase (legal - due diligence, transaction, mortgage);

Financial phase (investment loan application, financial management, tax planning and structuring);

Construction and development phase (as of initial purchase back in 2006, the building complex was with changed purpose of use as well as totally reconstructed afterwards);

Property and facility management phase (maintenance, renovation, lease agreements).

Business Overview

Back in 2006 the Building Complex needed a total renovation and has only one tenant inside.

After the purchase and under the supervision of R&M Management, the Building Complex was renovated and transformed from production factory to administrative complex, fully leased by the end of 2008.

Status

98% occupancy. The current tenants are Dormeo (the leading multi-channel driven sleep brand in Central and Eastern Europe), Bodega restaurants (the biggest Brazilian restaurant chains in Sofia), Stanga One (a renown IT company).

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Occupancy

100%