Local group Balkan Star Automotive, the Bulgarian distributor of auto makers Mercedes, Chrysler, Jeep, Dodge, Mitsubishi and Setra, and Vienna Real Estate EOOD, the property management unit of the group of companies in Bulgaria, said they have signed a 45.5 mln euro syndicated loan agreement to finance the expansion of a nationwide network of dealerships, service and logistics centers.
Raiffeisenbank (Bulgaria) EAD acts as lead manager. A portion of the loan financing will be provided by Piraeus Bank Bulgaria.
Balkan Star Automotive operates a large-scale dealership and service center in Sofia and has teamed up with local partners to provide after-sale maintenance in Plovdiv, Varna, Burgas, Ruse, Stara Zagora and Blagoevgrad.
Service centers for the truck brands in Balkan Star's portfolio are also available under local partnerships in Pazardjik, Vidin, Burgas and Ruse.
To ensure consistency with EU rules, Balkan Star Automotive earlier this year unbundled its wholesale and retail import operations and retail marketing operations.
Balkan Star Automotive currently operates solely as a wholesale importer while retail sales are handled by company units in Sofia, Plovdiv and Varna and through partnership deals with Daru Cars in Burgas and Euro Stars in Ruse.(Dnevnik)
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