[size=75:up8wt5e2]novinite 1 February 2010

Ireland's West Incorporated Acquires Sofia Telephone Palace

Irish property investment company West Incorporated has acquired the so called Telephone Palace building in Sofia, one of the most significant landmarks in the very heart of Bulgaria’s capital city, the company announced.

The deal value is estimated at over EUR 22.5 M with the total investment in the project to potentially exceed EUR 100 M.

The Telephone Palace - the first building of the National Telecommunication Company in Bulgaria – has a total built-up area of 17, 401 sq. m., spread across 6 floors above ground. The building is considered one of Sofia’s finest and most recognizable landmarks.

West Incorporated has declined to disclose the future purpose of the building but the company said it has already employed a team of top European and Asian professionals, who in the last 6 months have been researching the possibilities to make this building a unique cultural and social center both in Bulgaria and in Eastern Europe.

“It is my strong desire that on its completion this building will be a magnificent re-energized landmark in Sofia, that would offer people unmatched experience, where historical, cultural and architectural heritage meets modern and futuristic lifestyle,“ Brian Conneely, owner and CEO of West Incorporated Group of Companies commented.

Brian Conneely confirmed that the façade and the name of the building will stay unchanged.

According to him this project will create many jobs and top class working environment, as well as it will become a large income generator for Bulgaria’s economy as a whole.

“We are presently exploring different development options and designs, but our ultimate goal is to make The Telephone Palace a place that Bulgarians will be proud of. We intend to offer the people of Sofia and its visitors an unforgettable “journey” that would take them through the threshold of history to the present date and into the 21st century”, Conneely said.

That is good news!

Oddy