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S IMMO AG: Letting success in Sofia

Published: April 9, 2014; 10:31 · (Vindobona)

The first quarter of 2014 brought encouraging successes in letting for S IMMO AG in Sofia, one of the company’s most challenging markets.

According to S Immo, the Bulgarian property market has gradually recovered from the financial crisis. / Picture: © S IMMO AG / Overmann

In total, more than 2,700 m² were let out in the Serdika Offices building until end of March 2014, and negotiations are in the advanced stages for an additional 500 m².

Two tenants increased their existing space. The company Sutherland expanded its offices to a total of nearly 4,000 m². One of the largest international beverage companies also rented an additional 1,500 m² and now has office space spanning almost 4,000 m² in total. In addition, a new tenant was secured for roughly 500 m² of space.

New leases were also concluded at the Arcade Meidling in Vienna, the Eurocenter in Zagreb and the Sun Plaza shopping centre in Bucharest in the first quarter of 2014. Friedrich Wachernig, Member of S IMMO AG’s Management Board, comments: “Bulgaria suffered tremendously from the financial crisis and has only gradually recovered from the impact. So it is all the more pleasing to see clear signs of an upswing on this market as well. Our existing tenants are growing and new tenants are opting to move into our properties. This makes us proud and motivates us to continue our efforts each and every day.”

S IMMO AG As Austria’s first stock exchange listed real estate investment company, S IMMO AG has stood for experience, a balanced portfolio and sustainable growth since 1987. The company’s strategic core shareholders, Erste Group and Vienna Insurance Group, are two of the largest financial service providers in Central and Southeastern Europe. S IMMO AG is invested in residential, office, hotel and retail property in Austria, Germany, the Czech Republic, Slovakia, Hungary, Croatia, Romania and Bulgaria.