Cleves Acquires Major New Luxury Apartment Project in Sofia

Cleves, the luxury Sofia apartment rental company, has acquired an outstanding new building in the Iztok borough of Sofia with 34 apartments and a Class A suite of offices.

The building is part of the Este Home and Spa project developed by Este Properties EOOD. The Cleves deal is valued at EUR 10 M.

This is the company’s fifth acquisition in Sofia. Cleves already has a Sofia rental portfolio of 57 apartments.

Cleves Este – as it will be known – is at 28G Samokov Blvd, Iztok. Newly built, it has 4,759 sqm of apartments and offices in a very smart secure compound with up-market shops, cafes, health and beauty facilities on site, and extensive underground parking.

The development was nominated for Bulgaria’s “Building of the Year” competition last year. Sofia airport is 10 minutes away by car, and the Interpred Metro station (Joliot Curie) is only 200m away for fast access to Sofia city centre.

Peter Diakov, General Manager of Cleves EOOD, said: “We believe Cleves Este to be one of the finest residential developments in Sofia. Este exudes quality, with very high levels of security and comfort.

“The Cleves approach is to offer for rent up-market apartments in the best parts of Sofia.  This very fine acquisition in Iztok fits our strategy perfectly.  The office suite is available now, and we anticipate launching the 34 apartments of Cleves Este in the first part of 2011.

“Despite the difficult economic climate, we continue to experience strong demand for rental apartments across our portfolio.”

Cleves is creating a range of stylish 1-, 2-, 3- and 4-bedroom interior-designed rental apartments in the upper floors and fitting them out to very high specifications. Cleves‘ tenants will have some of the finest living facilities in Sofia, including access to Este’s beautiful landscaped gardens and children’s play areas.

Cleves Este also includes a self-contained 540sqm ground-floor suite of professionally managed Class A offices with its own entrance. The office suite has air conditioning and central heating, raised floors for easy under-floor cabling, and long covered terrace spanning the west side of the suite overlooking the gardens. It is already available – either for rent, long-lease or sale – and would suit an Embassy or similar.

Cleves EOOD (www.cleves.bg) is in the process of acquiring a EUR 40 M portfolio of up-market, new-build residential property in Sofia. The company focuses on the top-end of the rentals market. Its clients are senior international business people and diplomats. The company owns and operates all the apartments in its portfolio in order to be able to offer the highest quality of service.

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In 2006, RilaDev a English Bulgarian homebuilder embarked on one of the most ambitious hotel and residential project in Bansko, Bulgaria, Pirinea Hotel Spa and Residence.

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