New ?4.8m Cleves investment in Sofia

New ?4.8m Cleves investment in Sofia

Cleves (, the upmarket apartment rental company, has acquired a block of 21 stylish apartments near the centre of Sofia. The Cleves deal is valued at €3.6m excluding VAT; after finishing works, the total value is expected to be € 4.8 million. The project developer was Arco Vara AS, through its subsidiary Arco Invest.

‘Cleves Blvd Residence', as it will be known, is 5 minutes' drive from Alexander Nevsky Cathedral at the junction of Madrid Blvd and Cherkovna Str.  Newly built, it has shops, a café, and beauty facilities on site, and extensive underground parking. For fast access to Sofia city centre there are bus and tram stops directly outside. Sofia airport is 15 minutes away by car.  The new Serdika shopping mall is a few minutes walk.

This is Cleves' sixth acquisition, bringing its portfolio in Sofia to 115 rental apartments.  The company already operates 94 rental apartments in the city. It anticipates opening this new project by mid-year 2012.

At Blvd Residence Cleves is creating a range of luxurious 1-, 2-, 3- and 4-bedroom interior-designed rental apartments and fitting them out to a high specification.  All units will have modern handcrafted kitchens.  Both air-conditioning and central heating are being installed in every apartment, as are Wi-fi, flat-screen TVs with cable access, and a full security system. Each apartment will have its own underground parking space with direct elevator access to the living areas.

Cleves EOOD is acquiring a €40m portfolio of up-market, new-build residential property in Sofia.  The company focuses on the top-end of the rentals market.  Its clients are senior international business people and diplomats. The company owns and operates all the apartments in its portfolio in order to be able to offer the highest quality of service.

Peter Diakov, General Manager of Cleves EOOD, said: "We are delighted - even before Cleves Blvd Residence opens we have had a steady flow of rental enquiries for it. In an area so close to the Centre and with a good range of restaurants, cafes, shops, banks and schools, these apartments will appeal to the diplomats and international companies who are Cleves clients."

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