he 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 worldwide affiliation of independently owned and operated companies with more than 290 offices in over 60 countries. Worldwide Colliers manages 80 million m2 and has 11,000 highly qualified professionals.

The company has been active in Bulgaria since 1991 and has become the unquestionable market leader in providing comprehensive real estate services. Currently Colliers Bulgaria represents some of the most innovative and professionally planned projects in all segments of the real estate industry, including offices and business parks, retail, logistics and industrial, residential and holiday homes.

source : Colliers