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Penkov, Markov & Partners

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Bourgas, Dobrich, Lovetch, Pleven, Rousse, Sofia and 4 more

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Penkov Markov & Partners represents Carrefour in the sale of the Sofia Trade Centre to Assos Capital

October 2009

The French hypermarket chain company Carrefour has sold its project in Sofia for the amount of about EUR 200 million, whereas the buyer of the new building on the Tsarigradsko Shosse currently under construction, is the Greek fund Assos Capital.

The transaction was closed with the essential contribution by the lawyers of Penkov Markov & Partners, a longstanding legal advisor of Carrefour in Bulgaria, and represents the largest resale of a real estate property in Bulgaria as of the beginning of the year and it will for sure qualify among the top three transactions in the sector. The transfer of ownership does not in any way mean that Carrefour will withdraw from Bulgaria. The Carrefour hypermarket expanding on 146,000.00 square metres in the mall represents an individual building and shall remain in possession of the largest European retail chain. Apart from it, there will be nearly 200 other stores, restaurants, multiplex, bowling, etc.

Legal Developments by:
Penkov, Markov & Partners

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    All investors, especially those from abroad, when asked about the investment climate in the country indicate a number of factors, besides tax rate, that influence their overall assessment. These factors relate to different areas of business and life in general, but have so far unfortunately gone unnoticed by governments.
    - Penkov, Markov & Partners

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