ODESSA secures Hewlett Packard as anchor tenant for Business Centre project in Sofia

ODESSA Investments – the development and investment company specialising in South Eastern Europe commercial property investment - announces that Hewlett Packard Global Delivery Bulgaria Centre is to take 55% of Kambanite Business Centre in Sofia, Bulgaria. ODESSA's Fund 2, which was launched in 2005, has part financed and managed the forward purchase of KBC. The 15,800m² Class A office development project is located on a prime site at the new metro station neighbouring Business Park Sofia and fronts the recently upgraded Sofia southern ring road.

“We are delighted to have secured Hewlett Packard as our primary tenant. The typical lease term in Bulgaria is 5 years so to secure 10 years with a strong covenant is a significant achievement” announced Jim Reynolds, Managing Partner of ODESSA Properties Bulgaria (OPB). “Sofia is a very competitive market at the moment with many new office developments coming on stream, our ability to satisfy Hewlett Packard's exacting international specifications and standards played a major part in securing the deal”.

ODESSA Investments was formed in 2004, with the specific aim of investing in commercial property in Bulgaria and Romania. The company currently manages 5 funds on behalf of private and institutional investors. It has offices in London, Dublin, Bucharest and Sofia.

     KBC Building

“We believe ODESSA Investments management team being in market enables us to have a “hands on” approach to occupancy needs and general management of a development project” stated Gavin Bradley CEO of ODESSA Investments, “Understanding the international and more sophisticated requirements was critical in securing Hewlett Packard as a tenant”.

“ODESSA has made impressive progress over the past four years and we have now exited 3 projects but are also investing in new projects” commented Gavin Bradley. “The success of our funds to date reflects ODESSA's unique understanding of investment opportunities in the property industry in Central and South-East Europe and demonstrates the resilience of our investment strategy in the face of a global economic slowdown. Looking ahead, we've pencilled in several new fund launches for the coming years and are preparing for an intensive capital raising programme and will be further expanding our local operations in these markets.”

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