Avto Union Centre Sold to Bluehouse Capital

After purchasing the remaining 80% of Avto Union Centre to become the sole owner just a few months ago, Eurohold Bulgaria has sold the building complex to Bluehouse Capital for € 27.3 million. Avto Union Center is located in the Bulgarian capital of Sofia and houses an office complex with the same name. Claiming a profit of € 7 million from the sale, Eurohold will use the capital to satisfy outstanding debt owed to Piraeus Bank Bulgaria as well as invest in its remaining businesses. The company will continue as a tenant of the Avto Union Center office complex for now.

Bluehouse Capital Advisor (www.bluehousecapital.com)
Founded in 2004 by Victor Pisante, Yannis Delikanakis and Babis Pandis, Bluehouse is a private equity firm focusing on real estate acquisition, development, and property management in south Eastern Europe.

The firm has three active opportunity funds: Bluehouse Capital Partners L.P., Bluehouse Accession Property (II) L.P., and Bluehouse Accession Property (III) FCP. The funds have a combined €320 million in assets under management.

The firm operates throughout the region via local offices in Bulgaria, Croatia, Greece, Romania, and Serbia. Since the company’s inception Bluehouse has invested in more than 20 properties spanning the residential, retail, office, and industrial markets.

Avto Union (www.avto-union.com)
Avto Union is a holding company in Bulgaria whose business is primarily the wholesaling and distribution of automotive products and services. The company also deals in imports of three scooter brands while operating several subsidiaries with distribution rights to the Fiat, Lancia, Alfa Romeo, Piaggio, Vespa, Gilera, Maserati, Mazda, Opel, and Chevrolet brands in Bulgaria.

Avto Union is the exclusive operator of the Avis car rental franchise and has the sole rights to imports of Castrol and BP lubricants.

Eurohold Bulgaria (www.eurohold.bg)
Eurohold Bulgaria is a financial holding company established in 2006 from a merger between Starcom Holding and Eurohold. Eurohold’s current investments are mainly in the automotive, financial services, manufacturing, and real estate sectors.

Long term growth targets for Eurohold include gaining a 10% market share in the automotive sales and leasing sector along with general insurance and supplementary private health insurance.