Investment company Lion’s Head has completed its €71.4 million deal to sign logistics company BPD with its three logistics parks in Bulgaria.
A contract for the deal for the company and parks in Sofia, Varna and Ruse – the biggest commercial transaction of its kind over the last few years – was signed in April.
Largest of the parks
The largest of the BPD logistics parks is in Varna and has 42,241 square meters of modern warehouse, office and commercial space. The park is one of the few that offers both dry warehouse and temperature-controlled storage areas. As part of the company’s ESG strategy, the park also has a rooftop photovoltaic power plant.
The park in Sofia has a strategic location on the eastern arc of the Ring Road. It includes the main warehouse of the leading pharmaceutical distribution company Phoenix Pharma and Sopharma Trading. Other customers include significant international companies such as Wurth and Jotun.
The logistics center in Ruse is close to the Romanian border, in the city’s modern industrial zone.
Lion’s Head Investments is part of AC Capital, which says the deal makes it the second-largest owner of industrial properties in Bulgaria.
The long-term tenants of the logistics centers include Phoenix Pharma, DHL, DB Schenker, Carlsberg, Speedy (Geopost), Wurth, Sopharma and more than 50 other companies.
Vladimir Gurdjieff, Head of Logistics and Industrial at Lion’s Head, says, “The three projects have a total built-up area of 75,065 sqm and are in key locations of the country – Sofia, Varna and Ruse. We plan to expand the current assets with the construction of an additional 28,000 sqm in Varna and Ruse.”
Borislav Bangeev, Director of Corporate Banking and Member of the Management Board of UniCredit Bulbank, which financed the deal, says. “The purchase is being implemented with structured financing, which provides for the simultaneous financing of the acquisition of the shares of several companies and includes a high level of business and legal expertise. Both the seller BPD and the buyer Lion’s Head Investments are long-term key clients of UniCredit Bulbank, which made the financing possible thanks to the parties’ established trust in the bank.”
