June 2020 – Kinstellar's team in Sofia has successfully supported the regional property developer Globe Trade Center (GTC) on its pre-lease negotiations with Germany's Commerzbank for the lease of 3,500 sq. metres of space at the Advance Business Center II office building in Sofia, Bulgaria, which is expected to open its doors in Q4 2020.

Kinstellar initially advised GTC on the acquisition of the land plots for the construction of the office buildings (Advance Business Center I and Advance Business Center II). Subsequent assistance has included review and modification of GTC's standard lease agreement from the Bulgarian law perspective and successful lease agreement negotiations with other high-profile tenants, including the World Bank. Advance Business Center II is currently 75% occupied and at completion will offer ten floors of modern office space with a total leasable area of 17,000 sq. metres and three underground levels with 279 parking spaces.

GTC, a subsidiary of US-based invest fund Lone Star, is a leading CEE real estate investor and developer and one of the most active funds in the region.

The Kinstellar team included Antonia Mavrova (Partner), Head of the local Real Estate and Construction practice, and Atanas Mihaylov (Managing Associate).

For more information please contact Antonia Mavrova at antonia.mavrova@kinstellar.com

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.