Tokushev & Partners has advised the KBC Group on its acquisition of office space in the Millennium Center in Sofia for the use of its subsidiaries United Bulgarian Bank and DZI as their headquarters. Kambourov & Partners advised the seller, NIKMI AD.
Closing took place on June 15, 2018.
Tokushev & Partners describes the Millennium Center. which located in the Sofia city center, as, "the only modern multi-purpose building in Bulgaria of such scale.” The size of the project is 135,000 square meters and it is located on a 7,000 square meter land space. The Millennium Center consists of three towers between 24-34 stories high and includes office spaces, a luxurious residential building, retail space, and a hotel.
The transaction involved the acquisition in the office part of the Millennium Center, covering a total area of 29,795 square meters over 24 floors. In addition, KBC Group’s Bulgarian subsidiaries have acquired two underground parking lots with 274 parking spaces, covering the fourth and fifth basement levels of the Millennium Center.
Tokushev & Partners reported that “the transaction was complicated by the particularities of the Millennium Center. Following the multi-purpose nature of the building and the many owners of the separate units within together with the existence of rental agreements for most of the acquired office spaces turned the purchase into the most complex office building transaction for the past few years in Bulgaria.”
The Tokushev & Partners team was led by Partner Ivan Antov, supported by Managing Partner Viktor Tokushev and Partner Stiliyan Nedev and Attorneys Teodora Yakova, Boris Teknedzhiev, and Stanimir Dobrev.
The Kambourov & Partners team was led by Partner Radosveta Kojuharova.
Editor's Note: After the article was published CEE Legal Matters was informed, The Kambourov & Partners also included Partner Veronika Hadjieva and Senior Associate Christian Dimitrov in the deal.