Months after it acquired a majority stake in local auto group Auto Union, estimating the entire company at EUR10m, Bulgarian industrial and financial group Eurohold said it had sold one of its properties for EUR 27.3m.
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The Auto Union Centre, located in Sofia, is now in the hands of real estate company Bluehouse. Once a deal is signed, Eurohold will rent the complex. Eurohold will use the proceeds to repay – ahead of schedule – a EUR16.8m loan from Piraeus Bank Bulgaria, which bankrolled construction, Asen Hristov, supervisory board chairman of the holding company, told Dnevnik, according Reuters.
The remaining EUR 10.5m has been earmarked for investments in the group’s insurance and leasing business as well as auto sales. Bluehouse is active in property investments in Southeastern Europe, managing EUR320m through three funds.
