CEE investment company Lion’s Head has agreed to acquire logistics and industrial properties specialist BPD for €71.4 million.
It is the biggest deal of its kind over the last few years.
Lion’s Head is part of AG Capital. With this transaction, AG Capital enters the logistics sector and becomes the second-largest owner of industrial properties in Bulgaria.
The deal includes three logistics parks housing long-term international tenants Phoenix Pharma, DHL, DB Schenker, Carlsberg, Speedy (Geopost), Wurth, Sopharma and more than 50 other companies.
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.
BPD acquisition is significant achievement
Tanya Kosseva-Boshova, Managing Director at Lion’s Head, says, “The acquisition of BPD is a significant achievement for the Lion’s Head team and marks the beginning of our ambitious plan for regional expansion of our portfolio in a new business sector and in new markets — Bulgaria, Romania and Poland. Our plan is to keep the BPD brand and further develop it together with the existing team. Our goal is to ensure continuity and a seamless transition of the business to Lion’s Head standards while maintaining a high level of governance.”
Vladimir Gurdjieff, Head of Logistics and Industrial, says, “Lion’s Head will continue the good practice of the established BPD brand, acquiring the platform of 3 logistics parks and a successful team. 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.”
The purchase was realized with an investment by International Finance Corporation – part of the World Bank, with financing by UniCredit Bulbank. The legal advisor is Wolf Theiss Bulgaria.
