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SAC Introduces New Sustainability Standards in Bulgaria
Date: 15/11/2010
SAC Introduces New Sustainability Standards in Bulgaria

Tishman International Companies and GE Real Estate have introduced new sustainability standards for commercial space in Bulgaria through their major Bulgarian project, Sofia Airport Center (SAC).

Tishman International and GE Real Estate presented Sofia Airport Center at the BalREc conference in Sofia dedicated to real estate and construction investments and sustainable development. Nikola Ignatov, "Properties Management" executive at Tishman International, presented SAC "green advantage" in the context of investment efficiency.

"Tishman International is proud of its pioneer role in the introduction of sustainable development. Our project Sofia Airport Center is a vivid example of that – SAC has the first in Bulgaria office building, which is LEED-certified. Our participation in the BalREc conference shows Tishman's commitment to green construction and providing information about successful Western practices in this sector. We work to encourage international investments in order to introduce sustainable construction models in Eastern Europe," commented Alan D. Levy, President of Tishman International Companies.

LEED (Leadership in Energy and Environmental Design) is an internationally recognized certification scheme of "green" buildings.

"Sofia Airport Center provides new standards for the commercial space in Bulgaria since it has been designed with the latest technologies and in accordance with environmental requirements. SAC provides a strategic location for sales, logistics and other operations, with a perfect access and communication opportunities with the other countries in Europe and with the other parts of Bulgaria," said Frank Roseen, Managing Director of GE Capital Real Estate for Central and Eastern Europe.

Sofia Airport Center became a sponsor of the BalREc conference together with Forton International, Planex Holding, European Trade Center, Sopharma Properties REIT, Weinerberger, Raiffeisen Real Estate, Sparkassen Immobilien AG, Green Life Property Development, AFI Europe Bulgaria, Galchev Holding, King Sturge and Fairplay International.

The total office and commercial space of the Sofia Airport Center is about 180 000 square meters. The LEED-certified Class A building, which will feature a green roof and an interior garden, has a total office space area of 17 000 square meters.

The total investment in the Sofia Airport Center, a joint project of Tishman International and GE Real Estate, is estimated at about EUR 250 M.

Tishman International Companies is currently active in the United States, United Kingdom and Central & Eastern Europe including Bulgaria, Hungary, Czech Republic, Slovakia and Romania. The firm specializes, in the acquisition, development, management and financing of commercial real estate. It established its European headquarters in London, UK, in 1986. Its roster of clients and partners has included Metropolitan Life, New York Life, Teachers Insurance, Bank of America, Grosvenor International, Citibank, American Express, Fidelity Investments, Lend Lease, HVB Real Estate, and many others.

GE Real Estate currently has over EUR 1 B invested in Central and Eastern Europe. The Company has invested or developed in the retail, office, residential and logistics sectors in the Czech Republic, Poland, Slovakia, Bulgaria, Hungary and Romania. The Company made its first investment in Turkey in 2006. GE Real Estate has more than US billion in assets and a presence in 31 markets throughout North America, Europe, Asia, and Australia/New Zealand.

Topic: Investments

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Sofia Airport is the biggest airport in Bulgaria. Its second terminal officially opened on the December 27, 2006. It managed 2.2 million passengers in 2006, which is expected to grow to 2.7 million in 2010.

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