Irish property investment company West Incorporated has acquired the Telephone Palace landmark office building in Sofia for EUR 22.5 mln. The company plans to invest more than EUR 100 mln in redevelopiment of the property, located in the heart of Bulgaria's capital city.

Built in 1938, the Telephone Palace was the first building to house Bulgaria's National Telecommunication Company. The property offers 17,400 m2 of total surface across six floors. The building served as the headquarters of the state-owned telephone group, Bulgarian Telecommunications Company.

The telephone company has been trying to divest the asset since 2006, as it 'no longer suited for its needs'. Vivacom is expected to move its head office from the building in the course of the year.

'We are presently exploring different development options and designs,' West Incorporated's CEO and owner Brian Conneely said in a statement.

West Incorporated is a wholly Irish-owned company, established in Bulgaria since 2004. Its current investments in Bulgaria include four hotels on the Black Sea coast as well as two residential developments and an office building in Sofia.