Once it became clear that Bulgaria would join the European Union, institutional investors that had benefited from early investments in Poland and other CEE markets began seeking office properties further afield. The Enterprise Buildings, comprising 6,000 m2 (60,000 s.f.), offered a well-located investment leased to solid international companies and a sophisticated Seller.
Amber identified the acquisition target for Heitman, carried out a preliminary valuation, negotiated a letter of intent and sales contract and assisted with resolution of conditions precedent to enable the closing to take place in 2006.
Heitman's early entry to this emerging market enabled the buyer to benefit from continued yield compression
The Seller, Bulgarian American Enterprise Fund, had acquired and developed the site during an earlier financial crisis and was then able to carry out its mission of building a more mature investment market.