Ge Real Estate Central & Eastern Europe Joins Tishman International In Its Development Of A € 250 Million Business & Commercial Center In Bulgaria

Los Angeles-based Tishman International Companies, one of Europe's leading real estate developers, has been joined by GE Real Estate Central & Eastern Europe, one of Europe's leading real estate investors, in the development of Sofia Airport Center, a LEEDS-certified mixed-use office, hospitality, logistics and light industrial project in Sofia, Bulgaria, near the capital city's new airport.

Sofia, Bulgaria (PRWEB) November 15, 2007 -- Los Angeles-based Tishman International Companies, one of Europe's leading real estate developers, has been joined by GE Real Estate Central & Eastern Europe, one of Europe's leading real estate investors, in the development of Sofia Airport Center, a LEEDS-certified mixed-use office, hospitality, logistics and light industrial project in Sofia, Bulgaria, near the capital city's new airport.

The estimated development cost of approximately €250 million ($365 million), Sofia Airport Center marks the first entrance by a major global US developer into the Bulgarian commercial real estate market as well as the first joint venture that GE Real Estate has carried out with Tishman International in the region. It is the third major deal that GE Real Estate has been involved with in Bulgaria recently, coming on the back of the Mall of Sofia and Mall of Plovdiv acquisitions.

"Tishman International is proud of its longstanding business relationship with GE Real Estate, which originated in America, and is now extending overseas to include European projects. Our joint venture is ideally positioned to successfully develop Sofia Airport Center - a state-of-the-art project that will set a new standard for commercial development throughout the region," said Alan D. Levy, Chairman of Tishman International. "We are proud to create Sofia Airport Center, which we and our partners believe will be not only the largest, but also the most successful development of its type in Bulgaria," he added.

"GE Real Estate is pleased to enter into its first joint venture with Tishman International in the region. Our combined expertise and extensive resources will allow the creation of a project of exceptional quality in Bulgaria, an emerging nexus of international business," said Karim Habra, Managing Director for GE Real Estate Central & Eastern Europe.

Sofia Airport Center will occupy a prime site less than 2 minutes from the new Sofia Airport Terminal, which is capable of accommodating as many as 2.6 million passengers per year. After construction, the property will offer approximately 1,800,000 square feet (180,000 square meters) of commercial space in two-to three-story retail and other commercial buildings and low to mid-rise office buildings.

The high profile property is being developed and managed according to Western European and U.S. standards, and will be visible from access roads approaching the Airport. Potential tenants of Sofia Airport Center include retailers, logistics and storage companies, local and international food companies, and businesses and companies that need to operate from premises adjacent to the airport.

Sofia Airport Center represents a significant financial investment in Bulgaria, where it is proudly viewed as an important symbol of the country's emergence as a 21st-Century economic player. As such, the project enjoys the full support of local authorities and the municipality, who believe that this significant investment by two major American firms will enhance the area of the new airport, transform it into a vibrant business community, and reflect a new, prestigious image for the Bulgarian capital.

About Tishman International : (www.tishmanintl.com) Tishman International Companies is active in the United States and Europe in the acquisition, development, management, and financing of commercial real estate. Tishman has acted as a consultant and joint venture partner to some of the world's leading institutions and private investors.

About Tishman International in Europe
In 1986, Tishman established its European headquarters in London, England. Since then, The Company has developed and/or managed in excess of six million square feet of premier office and commercial space in the United Kingdom. Additionally, Tishman has provided acquisition and management expertise for millions of square feet of prime real estate assets in Europe, including several Supermarket Centres in the Czech Republic for an International Supermarket Company. Its prestigious roster of clients and partners has included Metropolitan Life, New York Life, Teachers Insurance, Bank of America, Grosvenor International, Citibank, American Express, Fidelity Investments, Lend Lease, HVB Real Estate, and many others.

About GE Real Estate
GE Real Estate currently has over €1 billion invested in Central and Eastern Europe. The Company has invested or developed in the retail, office, residential and logistics sectors in the Czech Republic, Poland, Slovakia, Bulgaria, Hungary and Romania. The Company made its first investment in Turkey in 2006.

GE Real Estate (www.gerealestate.com) is one of the world's most important commercial real estate companies with US$62 billion in assets and a presence in 28 countries throughout North America, Europe, Asia, and Australia/New Zealand. Backed by GE's AAA rating, GE Real Estate offers a comprehensive range of capital and investment solutions including equity capital for acquisition or development, as well as fixed and floating rate mortgages for new acquisitions or re-capitalizations of commercial real estate. With a 28% compound annual growth rate since 1993, GE Real Estate is one of the world's fastest growing and most profitable real estate enterprises. This extraordinary record of success grows out of a reputation for collaboration and partnership; a depth of knowledge and experience and a history of building relationships, finding opportunities and opening doors for more than 5,000 owners, builders, borrowers and brokers worldwide.

For more information, please contact:

Bulgaria:
M3 Communications Group, Inc.: Maxim Behar, max(at)m3bg.com, and
Daniela Stoyanova, dstoyanova(st)m3bg.com - Tel. +359 2 818 70 10;

Czech Republic:
JWA Prague s.r.o.: Jo Weaver, jo(at)jwa.cz and
Stepanka Cepicka, stepanka(at)jwa.cz - Tel. +420 242 454 740;

USA:
Natural Marketing, Inc.: Nadene Bristow, nbristow(at)naturalmarketing.com and
Candice Rosales, crosales(at)naturalmarketing.com - Tel: (310) 258-9711.

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