EnduroSat’s founder bought a building in Sofia for space business purposes

Raycho Raychev, the founder of the Bulgarian space company EnduroSat, one of the fastest-growing nanosatellite manufacturers in the world, bought the former headquarters of Alpha Bank on Tsarigradsko Shosse Blvd.

The building has a built-up area of ​​just over 17,000 square meters and will be used by the company for its own needs.

We have specific plans for the development of the space sector and this building will be strategically important for the fulfillment of our goals. We will be able to share details in the coming months," commented Raycho Raychev.

The purchase was carried out with the help of one of the largest companies for investment properties - Cushman&Wakefield Forton, which didn’t disclose the value of the transaction.

Raichev's partner in the transaction is Petar Mitev, co-founder and long-time manager of Chaos, as well as founder of the "Big Orange Foundation", focused on improving education in Bulgaria

According to Yavor Kostov, managing partner of Cushman&Wakefield Forton, the deal for the former headquarters of Alphabank is indicative of the state of the Bulgarian investment market for business properties.

The market is dominated by proprietary deals. It’s mainly local investors, who see opportunities for acquisitions in the absence of competition from large international funds," he summarized.

Yavor Kostov expects this investment environment to be maintained in the next 6 to 12 months. As reasons for this, he pointed to the more conservative than-expected policy of the ECB and the sentiments of large institutional investors in Central and Western Europe, who are focused on solving their internal problems and have difficulty making decisions about new acquisitions.

EnduroSat is one of the...

...the most promising high-tech players...

...not only in Bulgaria but also in the space industry in general.

Founded nine years ago, it has already partnered with Elon Musk's SpaceX.

At the beginning of its journey, the company began to manufacture and sell satellite hardware.

However, it has a much more ambitious development vision that includes creating its own shared service for launching foreign payloads. EnduroSat's even more impressive innovation is the software that will optimize the satellites so they can carry different payloads without having to modify the hardware on a case-by-case basis.

EnduroSat launched its debut satellite in 2018. In 2023, the Bulgarian company also became part of the first mission of the tech giant SpaceX.

Translated by Tzvetozar Vincent Iolov