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8 000 000 EUR

Airport Varna project : Business Centre “Europe”

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Project : Business Centre “Europe”Varna airport

1. Project description

• Location – Municipality Aksakovo, Varna District, bordered on the entrance of Varna Airport and only 7.5 km. away from the administrative city center of Varna. Business Centre “Europe” is situated in immediate proximity to the major road artery of Varna city – the highway Hemus (Sofia – Varna). (Attachment 2)

• Infrastructure of the complex – the investment includes own power substation with electrical power – 2,0 МW, local for the complex – sewerage – 2.9 km, water-main 676 m, local road and parking surface, landscape lighting and water supply and park environment arrangement.

Transport plan – local transport provided for the complex with route – “Administrative city center – Business Center “Europe”

The entire complex will have 765 underground parking lots and 180 outer over ground parking lots

An important factor is to obtain final construction product with high quality (Class A) and maximum of nature friendly exploitation (heat-power efficiency, usage of solar and geothermal energy).

4.1. Description of the sites in the project

Office Building ( ready)!  + price of the land:  8 000 000 EUR  no VAT

Characteristic data

• Land plot – 989 sq.m. /ideal parts/

• Basic construction – 450 sq.m.

• Total area of construction – 3 452 total sq. meters

• Floors – 1 underground floor and 7 floors above the ground

Constructions and building systems – solid reinforced concrete structure, brick walls – WINERBERGER, ventilated facade system with HPL and heat insulation with high energy-saving factor, structural glazing facade – type “suspend facade” with triple glazed windows (with Ka-glass) and PUSH system for opening windows, internal flooring – natural granite, granite and carpet, electrical systems – heavy current and weak current – SCHNEIDER Electric, air conditioning installation – MITSUBISCHI and DAYKIN, telephones and Key phone system – SIMENS.

Internal arrangement

• Underground floor – 437 sq.m. – underground level with 14 parking lots

• Floors above ground – 1st floor: bank office – 189,14 sq.m., 3 shops – 211,57 sq.m. and lobby – information desk; 55 offices are situated from 2nd to 6th floor; 7th floor – a sky bar – 140,60 sq.m. and 4 offices. The office premises in the building are with total floorage of 2474,00 sq.m.

• outer over ground parking lots for guests

4 star Business Hotel

Characteristic data

• Land plot – 2337 sq.m. /ideal parts/

• Basic construction – 780 sq.m.

• Total area of construction – 8 100 total sq. meters

• Floors – 3 underground floors and 7 floors above the ground

Internal arrangement

• Underground floors – 1st floor – swimming pool and fitness complex with Jacuzzi and sauna, refrigerator rooms and storage premises, dry cleaning and laundry, guest car parking, 2nd and 3rd underground floors – car parking for the guests of the hotel with access control.

• Floors above the ground –1st floor – reception desk, lobby bar, 2 board rooms, configured with an option to be merged into one common seminary room, beauty center, liqueur shop and 2 hotel rooms for disabled people; on 2nd, 3rd, 4th, 5th and 6th floor are situated 111 standard rooms, 15 rooms – business class and 6 apartments; 7th floor – panoramic: restaurant – with capacity of 180 seats and a Royal bar.

• Outer over ground parking lots are provided for the guests

• Equipment

In the investment is provided the Business hotel to be completed with the necessary for exploitation functional equipment (with signed agreements for guarantees and subscription maintenance) and high class of energy savings.

• Furnishing

In the investment is included the complete furnishing of the Business hotel, with readiness to receive guests, furnishing made from Eco-materials – fabrics, carpets MDF – planes.

Exhibition, Commercial and Conference centre or Retail and shopping centre

Characteristic data – Exhibition, Commercial and Conference centre (Option 1)

• Land plot – 6808 sq.m.

• Basic construction – 4 085 sq.m.

• Total area of construction – 30 920 total sq. meters

• Floors – 3 underground floors and 5 floors above the ground

Internal arrangement

• Underground floors with total area of 16520 sq.m.: 1st underground floor – warehouse and technical premises; 2nd and 3rd underground floors – guest car parking of the Exhibition, Commercial and Conference centre with access control.

• Floors above the ground with total area of 14400 sq.m.: 1st floor – information desk, exhibition hall with capacity of 144 exhibition sectors and with floorage of 3638 sq.m., 2 presentation halls with total area of 42 sq.m., café “Aqua” with children’s play area (corner) with floorage of 520 sq.m.; 2nd ,3rd and 4th floor – 58 shops and 20 offices with total area of 8178 sq.m.; 4th floor – conference hall with floorage of 912 sq.m., seminary room with floorage of 210 sq.m.; 5th floor – panoramic restaurant with capacity of 250 seats and cocktail bar with area of 380 sq.m.

• Equipment

In the investment is provided the Exhibition and Conference centre to be completed with the necessary for exploitation functional equipment (with signed agreements for guarantees and subscription maintenance) and high class of energy savings.

Characteristic data – Retail and shopping centre (Option 2)

• Land plot with an area of 6808 sq.m.

• Five-storey solid building + 2 underground floors, including:

Underground levels

- Second underground floor with an area of 6800 sq.m.: underground parking for 140 cars

- First underground floor: technical premises and 4 underground warehouses with an area of 500 square meters each

Overground levels

- I-st and II-nd level – retail spaces: 4 stores with an area of 1700 sq.m. each, situated on two levels from which the I-st level is with an area of 900 sq.m and the II-nd level is with an area of 800 sq.m. The 4 underground warehouses located in the first underground floor (mentioned – above), with an area of 500 sq.m. each, are adjoining to each store (one for each store).

- III-th level – 11 stores with an area of 340 sq.m. each

- IV-th level – 27 stores with an area of 140 sq.m. each

- On the last level (penthouse) are located snack and food areas (open space) with total area of 800 sq.m., kid’s corner and 2 offices with an area of 100 sq.m. each

- Outside overground parking spaces for visitors of the retail & shopping center

Walkway with escalators between the I-st and II-nd level of the retail areas and connection with lifts (for supply of the stores) between warehouses and the retail areas.

Inside the building is with a central atrium with an open area of 480 square meters from the first floor up to the roof of the building. Above the atrium is situated a skylight (Oberlicht) with purpose for illumination of the building with direct sunlight. In the atrium are situated 4 panoramic elevators for customers of the retail & shopping center, 4 escalators serving the entire center.

Total area of the above ground levels – 17 220 sq.m.

Total area of the underground levels – 11 880 sq.m.

Amount of the total area of the building (above ground levels + underground levels)- 29,100 m2

5. Goal of the investment project

Construction of a MODERN BUSINESS COMPLEX, providing an opportunity for comfortable and well organized habitation in modern, high-tech business environment

Professional management of the Business Complex with purpose for quick return on investment and realizing of a profit

Realization of a progressive financial scheme under the financial orientation for return on investment

• Construction of the Business Centre “Europe”

• Rental of offices

• Exploitation of the Business hotel

• Organizing of exhibitions

• Exploitation of concomitant activities – car wash, local transport connection with center of Varna town, dry cleaning, fitness center, kindergarten, rent a car, lawyer and notary office, beauty salon, pharmacy, restaurants and etc.

The planned use of geothermal sources includes: drilling and water catching at 1200 – 1500 m. depth for extracting of water with temperature of about + 40o C with purpose to use it for heating and domestic purposes in the complex.

Renewable energy sources – photovoltaics: the design task of the Business Hotel and the Exhibition and Conference Center includes assembling of photovoltaic systems and installations located at the southern facades and roofs of the buildings.

For installation of the photovoltaic systems is provided an area of 6105 square meters, on which depending on the type of photovoltaic panels and systems (polycrystal, thin – film, CaTe etc…) can be extracted electric power 1.3 – 1.5 MW.

The entirely southern exposure of the complex and the big free space allow fully solarization of the southern facades and roofs of the buildings. According to data from specialized institutes and made solar energy audit – Varna falls in zone A.

By making a photovoltaic installation with power of 1.5 MW are produced 1,754,584 kWh yearly. Considering the purchase price of electricity obtained from renewable energy sources (€ 0.3681 / kWh) installation of 1.5 MW may bear additional income of € 645,862 per year.

In the investment is provided local for the complex wastewater treatment plant, where the biologically purified water will be used over again for watering of the park areas and washing of asphalt areas.

Conclusion: the provided infrastructure facilities, the required energy power, the high-technological heat- insulation systems, the independent water supply systems, with observed high standards of thermal efficiency, can make the complex “Passive”.

6. Investment motives

After implemented several months research, implemented inquiries, personal meetings and discussions with tenants of office spaces in Varna town (detailed marketing research) are formed following reasons:

Need to be build an innovative and MODERN BUSINESS COMPLEX, because of the lack of such and increased interest from business circles to a compact, well-organized, high-tech and modern business environment (free-market niche);

The lack of a hotel near Airport Varna and in the region;

Need of a modern and functional exhibition and conference center or retail center;

Top location:

• Entrance of Airport Varna and Hemus highway (main road Sofia – Varna);

• Near to the new port-, container- and Ro-Ro terminal and one of the most large industrial zones – Devnya;

• Building in the vicinity of a second bridge over Varna Lake;

The already proven practice in the big European cities for development of “business cities” exported out from the central town part;

The provided for construction near the district- “Duty Free Zone”, logistics centers and a new bus station;

Town of Varna is the sea capital of Bulgaria and second most important commercial center after Sofia. Nearby are situated the following 4 resorts: Kamchia, St. Constantine and Helena, Golden Sands and Albena, which makes Varna the biggest tourist center of the country;

The advantage of Varna in comparison with the capital Sofia is that Varna owns developed tourism and harbour.

7. Readiness for implementation of the project

• Ownership of the land

• Constructed office building with the following characteristic:

- Unique top location and excellent road infrastructure in the region, where the OFFICE BUILDING is situated. The building is located at the entrance of Varna Airport and only 7.5 km. away from the administrative city center. Its immediate proximity to the major road artery, the effortless access by the urban transport will ensure and afford you a good opportunity to reach your wanted destination fast and easy.

- Modern and attractive architecture.

- Construction – reinforced concrete, horizontal beamless plates with concentrated anti-earthquake bodies.

- Facade – HPL and bond; structural glazed with a triplex external glass and an internal KA-glass keeping out UV rays – Belgian certificate for suitability for exploitation in the close of Airports.

- The type of the inner walls allows restructuring of the office areas.

- The structural cabling is 5 E class, which enables the connection for each working spot in the office with high tension, weak current electricity and UPS power supply.

The high tension power supply has Schneider elements.

- The level of the energy-power efficiency of the building is class “A” .

- Cabling for TV and Internet.

- The Fiber-optic connection of the building with the national network will secure high speed Internet access and excellent communication coherence.

- Computer network connection between work places.

- Phone lines with direct connection to the information desk at the ground floor and a future direct connection to the future sites of BUSINESS CENTER EUROPE.

- Fire Alarm System with conventional fire-precaution equipment – fire plugs, hoses, pulverous and water fire-extinguishers.

- Air-conditioning installation /local air-conditioning for all offices/ MITSUBISHI-inverter.

- Personal access control (ID card access control), through magnet ID cards which allow level access control for each employee and guest of the building, as well as report of the hours and levels of stay in the building.

- 24-hours man-guards and video observation at all levels in the building and belonging areas.

- Security parking for the visitors and the employees in the Office building.

- Partially constructed infrastructure, implemented urban planning for the business hotel and the office building

• Upcoming activities:

- architectural designing of the hotel and the exhibition and conference centre

- urban planning of the exhibition center

- architectural planning and construction of the rest of the infrastructure

- construction of the business hotel

- construction of the exhibition and conference center

- equipment, furnishing and putting in to operation of business hotel and the exhibition and conference center (Attachment 4)


1. Description of the environment and development tendencies:

Varna is situated on the coast of Varna Bay and it is the largest city on the Bulgarian Black Sea Coast.

The geographic location of Varna Municipality is a prerequisite for development of its infrastructural, economic and demographic potential. The geostrategic location of the municipality and the presence of a significant natural factor that is the Black Sea, are of great importance for the economic and social development of the region.

The most developed clusters in Varna are those of the sea and tourist industry. There is a Shipyard, an Institute for ship, hydro- and aerodynamics, Odesos AD Dockyard (which is the largest and best-equipped dockyard in Bulgaria), and Navigation Maritime Bulgaria in the region.

The ferry line Varna – Ilyichevsk has been established and has operated for many years. Starting a new ferry line with Georgia is being prepared.

The unique location of Varna city makes it a commercial corridor and center connecting West Europe and Asia. These factors result in a fast demographic growth of the city, and an example for this is that for the last 5 years the population of the city has increased from 320 000 to more than 550 000 according to informal data, and the population reaches 1 000 000 people during the summer.

The tendency for migration from small towns to Varna led to a dense city development and lack of free areas for development of residential, business, and industrial areas in the central parts of the city, and presence of a heavy road infrastructure and traffic, and as a result a necessity emerged for execution of a New General Urban Development Plan, which foresees an expansion of the city in west and south and a trouble free functioning of city’s infrastructure.

The New General Urban Development Plan of Varna foresees a development of the following:

- Three large bus stations of which the largest will be located near Varna Airport.

- Development of a second bridge over Varna Lake, which will assist the communication between the south and west part of Varna.

- Taking the transit transport out of the downtown, and the port and goods railway transport in the area of the lake

All that will result in establishment of the largest road junction in the city in the area of Varna Airport.

2. Principles for implementation

• Modern and functional architectural design

• Use in the construction of high-quality energy-saving and environmentally friendly building materials and systems

• Creating an entirely new infrastructure

• Sitting of the car wash, electricity powers and the parking lots for the employees and the guests of the complex entirely in the underground floors. The purpose is the terrain to be preserved and separated for green park areas.

• The use of geothermal and solar energy

• Providing of excellent organization and management of the complex after its putting into operation.

3. Competitiveness and basic factors determining the timeliness of the investment

• Low cost of the construction works

• Stable financial environment – currency board

• Entering into a period of way out from the crisis

• Forthcoming ascending price line of rentals

• Stabilizing of the political situation in the country and return of the confidence to the market

• Forthcoming admittance of Bulgaria into the Schengen zone and introduction of a single currency – EURO, coinciding as the period with the putting into operation of the entire BUSINESS CENTER

4. Market potential and business priorities

• Competitive prices of services in the business center (Attachment 5)

- The segment of tenants of office spaces are companies whose business is not related with direct presence in the central town part, which realized the need for better quality, more organized and more peaceful business environment, devoid of the problems in the town area – parking, noise, permanently obstructed traffic, constant repairs and others.

- Tenants of office spaces who wants modern way for administering of their business

- Companies whose head offices are outside the city of Varna and/or the country and they hold in the town or in the region multiple retail spaces, warehouses, factories, hotels and others.

- Companies – directly or indirectly involved in their activities with: Varna Airport, nearby industrial zones and logistics centers, Aksakovo Municipality, the future harbour and others.

- Companies dissatisfied by the conditions offered in other business complexes and buildings

- With the provision of a large number and variety of services and amenities, with a flexible pricing policy and in the compliance with the need and wishes of the future tenants in the complex, Business Center “Europe” is planned to take a leading competitive position in the region.

• The renting of the office spaces is determined by:

 Tendency to concentration of a business-, office-, commercial-, shipping- areas at the entrance of Varna and separating of the region as “business area” type ;

 The forthcoming adoption of legislation to forbid utilization of offices in residential buildings will force a large part of the offices to address their attention to relocating to administrative and office buildings;

 The worsening transport situation and the lack of parking areas in the central parts of the town will direct and redirect the flow of office tenants at the Business Complex, providing amenities such as: retail outlets – stores, restaurants, coffee bars, bookstore, pharmacy, medical office, bank office, notary office, seminar rooms, kindergarten, children’s playground for animation, car rental, dry cleaning, car wash, local transport and others.

• Tenants of premises for subsidiary and concomitant activities – retail outlets, shops, restaurants, coffee bars, bookstore, pharmacy, medical office, bank office, notary office, kindergarten, car wash

• Operation of exhibitions, trade and conference center

 Prospective customers are the participants in the traditional organized exhibitions in non-specialized rooms in Varna

 On the territory of Varna there are no built specialized buildings and facilities for organizing of exhibitions

• Operation of the hotel

In the conception is provided potential guests of the hotel to be:

- Participants and guests of the organized exhibitions

- Business partners and guests of the companies operating in the complex

- Accommodation of a crews of Airline companies, partners of Varna Airport

- Passengers of Varna Airport with flights delayed

- Business and trade representatives arriving in Varna for organizing of meetings, meetings of the board of managers, general meetings, seminars, etc..

- Guests of neighboring of the complex business and logistics centers, guests of Aksakovo Municipality and others.



• BUSINESS CENTER “EUROPE” is constructing in Varna, the second largest and in commercial importance city, Sea capital of Bulgaria and marine tourist center • Lack of detailed structural and infrastructure plans for the region

• In the investment project is presented an innovative exhibition, conference and business complex and retail and shopping centre, offering new organizational and functional style • Conservative disposed and hard adopting innovatory projects local economic subjects

• A part of the estimated financial resource is already invested in the plot and the first of the three planned constructions in the Business center is already built • Distance from the center of Varna -7.5 kilometers

• Strategic location – at the entrance of Varna International Airport, the second in importance in the country • Undeveloped commercial region

• The complex faces the road junction – part of the Hemus highway, located on the very approach to Varna from Sofia. The highway is the main international road E – 70. • Unsettled electrical and water and sewerage infrastructure

• Located on the borderline between two municipalities, which set in their General Structural plans the development of the region regarding the development of new BUSINESS COMPLEXES

• First point of arrival by airplane travelers to the resorts “St. Konstantin and Elena, Golden Sands and Albena

• The Investment project is beyond competition and it’s exploitation will be developed at a time of upward economic environment, after reducing the effects of the crisis

• Timeliness – an opportune moment for the realization of business plans for the selection of more qualified and skilled workers and better conditions for the supply of materials and equipment

• Construction, equipment and furnishings of the individual objects are implemented with high-tech, energy saving and environment friendly materials

• In the complex are introduced solar thermal and geothermal sources, as well as its own water source

• Construction of new electric and water and sewerage infrastructure with modern materials and technology to ensure long and flawless operating period

• Providing enough parking places for cars and car wash

• The complex will have separate rooms for security, medical center and pharmacy with a constant 24h security guard

• Regular public transport

• In the area of Varna Airport is not built yet a 4 star Business Hotel and Exhibition and retail center is missing as well.

• The complex designs, builds and manages by team with proven image and high professional qualities.


• Development of the whole Business complex – Conference and Exhibition tourism, carrying out corporate and educational events in an appropriate business environment • Slowly subside the effects of economic and financial crisis.

• Investor interest for the development of logistics centers and duty-free warehouses in neighboring property • Slowly realization of the need for new business approach to economic development through right administrative situating

• 85% of offices in Varna are located in residential and older administrative buildings, which are not adjusted for the modern trends in business administration. Albeit slowly, legislation, business environment and personal awareness will push the economic operators, inhabiting similar offices to choose to direct their business in a modern, comfortable and relaxed atmosphere, which is offering business complexes such as BUSINESS CENTER “EUROPE”

• Corporate consolidation and change in business culture, as a consequence of economic and financial crisis

• The newly adopted General structural plans of the municipalities of Varna and Aksakovo give green light to implement investment plans in the region

• The convenience of arriving and departing by plane tourists for the resorts “St. Konstantin and Elena, Golden Sands and Albena

• The new plans for expansion and modernization of Varna Airport


1. Total project costs – 34,729,084 Euro (VAT not included)

• Office building + land – 5,020,833 Euro (VAT not included)

• Business hotel – 5,889,581 Euro (VAT not included)

• Land 2,337 sq.m. – 876,375 Euro (VAT not included)

• Exhibition and conference centre – 20,385,295 Euro (VAT not included)

• Land 6,808 sq.m. – 2,557,000 Euro (VAT not included)

2. Investment sources

• Co-investment (joint venture)

• Credit

• Purchase of a part or the entire project

3. Collateral for:

• Co-investment (joint venture) – share participation in a new joint venture company, which will own the land and the project

• Credit – land, constructed office building and the business plan

• Purchase of a part or the entire project – office building; office building with entire project and the land or part of the project

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