Credit: Lion’s Head Investments & BPDLion’s Head enters industrial properties market with €71+ million deal
The commercial real estate investment company, part of AG Capital group, acquires Bulgarian logistics company BPD
April 25, 2024Real Estate
Written by Lion’s Head Investments
Lion’s Head, a joint venture company between AG Capital and Old Mutual Property, signed a contract for acquiring BPD - the logistics and industrial properties investment company. This is the biggest deal in the sector for the last few years, with an investment of EUR 71.4 million.
With this transaction, AG Capital enters a new commercial property class for the group and becomes the second largest owner of industrial properties in Bulgaria. The purchase was realised with an investment by International Finance Corporation (IFC) - part of World Bank - and financing from UniCredit Bulbank. The legal advisor for the transaction is Wolf Theiss Bulgaria.
“The acquisition of BPD is a significant achievement for the Lion's Head team, and marks the beginning of our ambitious plan for regional expansion of our portfolio in a new business sector and in new markets - Bulgaria, Romania, and Poland. Our plan is to keep the BPD brand and further develop it together with the existing team. Our goal is to ensure continuity and a seamless transition of the business to Lion's Head standards while maintaining a high level of governance”, says Tanya Kosseva-Boshova, Managing Director at Lion’s Head.
“Lion's Head will continue the good practice of the established BPD brand, acquiring the platform of 3 logistics parks and a successful team. The three projects have a total built-up area of 75,065 sqm and are in key locations of the country - Sofia, Varna, and Ruse. We plan to expand the current assets with the construction of an additional 28,000 sqm in Varna and Ruse”, adds Vladimir Gurdjieff, Head of Logistics and Industrial at Lion’s Head.
The logistics centres that Lion's Head acquires house long-term international tenants such as Phoenix Pharma, DHL, DB Schenker, Carlsberg, Speedy (Geopost), Wurth, Sopharma, and more than 50 other companies.
The largest of the three logistics parks is located in Varna. The centre is dominant for the city and the region, and offers its customers 42,241 sqm of modern warehouse, office, and commercial spaces. It has a strategic inner-city location with quick and convenient access to all parts of the city. The park is one of the few in our Maritime Capital that offers both dry warehouse and temperature-controlled storage areas. As part of the company's ESG strategy, the park also has a rooftop photovoltaic power plant.
The park in Sofia has a strategic location on the eastern arc of the Ring Road, providing quick access to both the central city areas and the airport, as well as the Hemus and Trakia highways. The project was chosen as the main warehouse of the leading pharmaceutical distribution company Phoenix Pharma, and also by another Bulgarian leader in the field of pharmaceutical products, Sopharma Trading. Other customers include significant international companies such as Wurth and Jotun.
The logistics centre in Ruse is located in close proximity to Danube Bridge 1 and the key border link with Romania, in the city's modern industrial zone.
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Tanya Kosseva-Boshova has more than 20 years of management experience in the commercial real estate market in Southeastern Europe. She is the managing director and partner at Lion's Head and the founder and chairman of the board of the Association of Commercial Building Owners in Bulgaria (ACBO), as well as a member of the board of the Bulgarian Forum of Business Leaders (BBLF). Tanya has held various management positions in leading real estate companies in the country - Colliers International, Landmark Property Bulgaria, and European Trade Center.
Vladimir Gurjieff has more than 15 years of experience in the industrial assets sector. For over 8 years, he has been a partner and managed the industrial areas department of Cushman & Wakefield Forton. Before developing AG Capital's industrial and logistics portfolio, Vladimir launched and managed the Bulgarian division of CTP - one of the largest and most active investors in industrial and logistics properties in CEE.
BPD was established in 2004 and is the first investment company in Bulgaria listed on the London Stock Exchange (AIM). Since 2009, BPD has been part of the Tavistock Group - a private investment company founded by investor Joe Lewis 35 years ago.
АG Саріtаl was created by Christo Iliev 30 years ago and unites the group of companies in the real estate sector. Currently, it is expanding and developing projects in Bulgaria, Romania, and Poland. Its portfolio includes the leading development companies - Park Lane Developments (business properties), BLD, and Ultima (residential properties). The company has leading international investors such as Old Mutual, IFC, Apollo Global Management, and Mitiska REIM.
Lion’s Head Investments (LHI) is a real estate investment and asset management platform focused on prime office properties with international blue chip tenants in the CEE region, a joint venture between AG Capital and Old Mutual. The company's portfolio includes five office buildings with a total area of 235,000 sqm: two in Sofia - Polygraphia Office Center and Megapark, and three in Bucharest - Oregon Park. Among the tenants are the global companies Oracle, Deloitte, EY, Thermo Fisher, Bosch, Groupama, Payhawk, Kostal, and GFK.
Іntеrnаtіоnаl Fіnаnсіаl Соrроrаtіоn (ІFС) is a World Bank Group member operating in more than 100 countries. In 2023, IFC invested a total of USD 43.7 billion to support private companies and financial institutions in rapidly developing countries.
Оld Мutuаl is a public company that has been trading on the stock market in Johannesburg for 179 years. It is one of the oldest cooperatives in South Africa with a presence in 14 countries, capitalization in the range of EUR 3 billion and assets under management with a total value of EUR 65 billion.
Lion’s Head, a joint venture company between AG Capital and Old Mutual Property, signed a contract for acquiring BPD - the logistics and industrial properties investment company. This is the biggest deal in the sector for the last few years, with an investment of EUR 71.4 million.
With this transaction, AG Capital enters a new commercial property class for the group and becomes the second largest owner of industrial properties in Bulgaria. The purchase was realised with an investment by International Finance Corporation (IFC) - part of World Bank - and financing from UniCredit Bulbank. The legal advisor for the transaction is Wolf Theiss Bulgaria.
The park in Sofia has a strategic location that provides quick access to both the central city areas, key highways, and the airport (Credit: Lion’s Head Investments & BPD)
“The acquisition of BPD is a significant achievement for the Lion's Head team, and marks the beginning of our ambitious plan for regional expansion of our portfolio in a new business sector and in new markets - Bulgaria, Romania, and Poland. Our plan is to keep the BPD brand and further develop it together with the existing team. Our goal is to ensure continuity and a seamless transition of the business to Lion's Head standards while maintaining a high level of governance”, says Tanya Kosseva-Boshova, Managing Director at Lion’s Head.
“Lion's Head will continue the good practice of the established BPD brand, acquiring the platform of 3 logistics parks and a successful team. The three projects have a total built-up area of 75,065 sqm and are in key locations of the country - Sofia, Varna, and Ruse. We plan to expand the current assets with the construction of an additional 28,000 sqm in Varna and Ruse”, adds Vladimir Gurdjieff, Head of Logistics and Industrial at Lion’s Head.
As part of the company's ESG strategy, LHI’s newly acquired park in Varna also has a rooftop photovoltaic power plant (Credit: Lion’s Head Investments & BPD)
The logistics centres that Lion's Head acquires house long-term international tenants such as Phoenix Pharma, DHL, DB Schenker, Carlsberg, Speedy (Geopost), Wurth, Sopharma, and more than 50 other companies.
The largest of the three logistics parks is located in Varna. The centre is dominant for the city and the region, and offers its customers 42,241 sqm of modern warehouse, office, and commercial spaces. It has a strategic inner-city location with quick and convenient access to all parts of the city. The park is one of the few in our Maritime Capital that offers both dry warehouse and temperature-controlled storage areas. As part of the company's ESG strategy, the park also has a rooftop photovoltaic power plant.
The logistics centre in Ruse is located in the city's modern industrial zone (Credit: Lion’s Head Investments & BPD)
The park in Sofia has a strategic location on the eastern arc of the Ring Road, providing quick access to both the central city areas and the airport, as well as the Hemus and Trakia highways. The project was chosen as the main warehouse of the leading pharmaceutical distribution company Phoenix Pharma, and also by another Bulgarian leader in the field of pharmaceutical products, Sopharma Trading. Other customers include significant international companies such as Wurth and Jotun.
The logistics centre in Ruse is located in close proximity to Danube Bridge 1 and the key border link with Romania, in the city's modern industrial zone.
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Tanya Kosseva-Boshova has more than 20 years of management experience in the commercial real estate market in Southeastern Europe. She is the managing director and partner at Lion's Head and the founder and chairman of the board of the Association of Commercial Building Owners in Bulgaria (ACBO), as well as a member of the board of the Bulgarian Forum of Business Leaders (BBLF). Tanya has held various management positions in leading real estate companies in the country - Colliers International, Landmark Property Bulgaria, and European Trade Center.
Vladimir Gurjieff has more than 15 years of experience in the industrial assets sector. For over 8 years, he has been a partner and managed the industrial areas department of Cushman & Wakefield Forton. Before developing AG Capital's industrial and logistics portfolio, Vladimir launched and managed the Bulgarian division of CTP - one of the largest and most active investors in industrial and logistics properties in CEE.
BPD was established in 2004 and is the first investment company in Bulgaria listed on the London Stock Exchange (AIM). Since 2009, BPD has been part of the Tavistock Group - a private investment company founded by investor Joe Lewis 35 years ago.
АG Саріtаl was created by Christo Iliev 30 years ago and unites the group of companies in the real estate sector. Currently, it is expanding and developing projects in Bulgaria, Romania, and Poland. Its portfolio includes the leading development companies - Park Lane Developments (business properties), BLD, and Ultima (residential properties). The company has leading international investors such as Old Mutual, IFC, Apollo Global Management, and Mitiska REIM.
Lion’s Head Investments (LHI) is a real estate investment and asset management platform focused on prime office properties with international blue chip tenants in the CEE region, a joint venture between AG Capital and Old Mutual. The company's portfolio includes five office buildings with a total area of 235,000 sqm: two in Sofia - Polygraphia Office Center and Megapark, and three in Bucharest - Oregon Park. Among the tenants are the global companies Oracle, Deloitte, EY, Thermo Fisher, Bosch, Groupama, Payhawk, Kostal, and GFK.
Іntеrnаtіоnаl Fіnаnсіаl Соrроrаtіоn (ІFС) is a World Bank Group member operating in more than 100 countries. In 2023, IFC invested a total of USD 43.7 billion to support private companies and financial institutions in rapidly developing countries.
Оld Мutuаl is a public company that has been trading on the stock market in Johannesburg for 179 years. It is one of the oldest cooperatives in South Africa with a presence in 14 countries, capitalization in the range of EUR 3 billion and assets under management with a total value of EUR 65 billion.
