Ceres has acquired the former Bulgarian business of AIG/Lincoln, which includes the property management of City Center Sofia and MHQ Office Building, as well as the Facility Supervision of the American English Academy. All of the former AIG/Lincoln team members will remain with Ceres and will continue their responsibilities for each managed property.
Ceres’ major project in Bulgaria is to manage, on behalf of Revetas, the redevelopment and repositioning of City Center Sofia, which is already underway. Renovations of the common areas and exterior are in progress, with new elevator cabs and refurbishments being recently completed. Despite these major improvement works, CCS will continue to function and will not be closed to visitors.
Eric Assimakopoulos, Managing Partner of Revetas Capital Advisors, commented on Ceres’ role at CCS by saying, “We are very pleased that the team we have come to trust at City Center Sofia has been acquired by Ceres. With this, we have the confidence to now expand their role even further, to manage the project works at CCS. This is the most recent step in a process that will see Ceres continue to become further integrated in helping Revetas’ realize value in its assets located throughout Central and Eastern Europe.”