BA-CA Real Invest in Cooperation with the Soravia Group
Early partnership for the “Megapark” in Sofia increases earnings opportunities
The Soravia Group has brought a partner on board to help carry out its latest “Mega” project in Sofia. BA-CA Real Invest, which previously has only acted as a project investor during its long-standing business relationship with the Soravia Group, is now a company partner for the construction of the “Megapark” in Sofia. The relevant contracts were signed at the beginning of September. Tchavdar Stefanov, one of the managing directors of the Soravia Group and responsible for Eastern European business, is delighted on this new form of cooperation, which demonstrates the high level of confidence in the Soravia Group. For Gerhard Dreyer, Chairman of the management of BA-CA Real Invest, the professional approach and successful track record of the Soravia Group were key factors in the decision to enter into this cooperation.
Becoming a partner in the joint project company at this early stage increases the earnings opportunities and secures a pre-emptive purchase right in relation to the property for BA-CA Real Invest. Responsibilities are clearly defined in line with the core competences of the two companies. The partners are pursuing a strategy aimed at a long-term business relationship and other joint projects are set to start in other countries in Central Europe in the near future.
“Megapark” lies on the main route between Sofia airport and the city and is being developed on a plot of approximately 17,200 square metres. Around 70,000 square metres of aboveground gross floor area will be built. The project will be carried out in several phases. The first phase comprises the construction of a multifunctional building with an aboveground gross floor area of around 37,000 metres and 9,000 square metres of underground parking. The building will be split into office and retail space. The underground garage will provide parking for around 320 cars. Several hundred outdoor parking spaces can also be built on the site. Construction will start in autumn 2007 and phase 1 is set to be complete in autumn 2009.
The Soravia Group is one of the fastest growing corporate groups in Central Europe. The core competence of the company lies in the successful realisation of often very complex projects. The offering ranges from property projects, through innovative start-ups and media undertakings to hotel and tourism projects.
BA-CA Real Invest is the centre of competence of Bank Austria Creditanstalt for property investments and focuses on private clients and institutional investors. The company is a leader in the property investment sector and has many years’ experience in launching open and closed-end property funds and setting up property investments and is the market leader in Europe with “Real Invest Austria”. In 2004, BA-CA Real Invest purchased the Shopping Palace in Bratislava from the Soravia Group and brought the property successfully into a closed-end property investment fund.
Enquiries: Soravia Group
Markus Holzer, Tel. +43 (0)1 716 90 DW 9618
BA-CA Real Invest GmbH.
Franz Pöltl, Tel. +43 (0)1 33 171 DW 75210;