Sofia, Bulgaria

The arbitration case between Colliers International in Bulgaria and Business Park Varna AD, has been decided in favor of Colliers. The dispute was transferred to the Arbitration Court of the Bulgarian Chamber of Commerce when Sistec Holding – the previous main shareholder in the development company of Business Park Varna - refused to meet their financial obligations towards Colliers International – exclusive real estate consultant. The amount awarded to the claim was in excess of BGN 520,000 (EUR 260,000).

“We are pleased with the decision of the Arbitration Court, as this is a strong signal to the whole business comunity in Bulgaria that business ethics should be the norm”, said Atanas Garov, Managing Director, Colliers International in Bulgaria. “Furthermore, this case is a good indication of excellent practices in the Arbitration system in Bulgaria”.

Business Park Varna was acquired by AFI Europe in 2007. The arbitration case was initiated prior to the acquisition and was against the former owners.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 10,092 employees span the world in 267 offices in 57 countries. On a worldwide basis, Colliers manages 672,945,918 square feet, and has revenue of $US 1,620,958,349.

Contact Information

bulgaria@colliers.com

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