Home > About Select Property > Property Partners
Bulgaria deal for states marine operator
The government in Bulgaria has approved a deal to sell a 70 percent stake of a state-run merchant marine operator to a German-led consortium for 225 million Euros.
The Bulgarian registered consortium KG Maritime shipping, led by Germany's Martrade Shipping & Transport, was the sole remaining bidder as the other bidders failed to meet privatization requirements set by the government.
The state-owned Maritime Navigation shipping company has a fleet of 71 ships, most of which need to be upgraded. The buyer has pledged to invest 390 million Euros over the next 10 years.
The deal allows for the remaining 30 percent of the company to be offered for sale to the buyer after a period of five to six years.
Bulgaria Investment Property
Bulgaria Property News
