Foreign developers to invest in Sofia, Plovdiv, Varna malls

Dnevnik, 2006-06-12

     Shortly after the launch of the Mall of Sofia and City Center Sofia, Bulgaria's first Western-style shopping malls, foreign investors have announced plans to develop more large scale retail centers in Sofia, Plovdiv and Varna.
     The developers of the Mall of Sofia - Aviv Group, an Israeli property development company, and Cinema City International (CCI), an Israel-based cinema operator, said their partnership will begin towards the end of the year the construction of a new shopping mall in Plovdiv, Bulgaria's second largest city.
     The 30,000 sq m mall should be ready in 18 months. The 2 partners will split evenly the undisclosed cost of the investment.
     CCI said it is ready to invest in other local projects for commercial outlets, shopping malls and cinema centers in cities with more than 100,000 inhabitants.
     Work on a new 70 mln euro shopping mall on the Bulgaria boulevard in Sofia will begin in 2007, said Mall of Sofia executive director Eli Egosi. The 40,000 sq m retail center, financed by Britain's Mercury Group, should be ready by 2009.
     Orchid Developments Plc, a hotel and commercial real-estate owner in Bulgaria, will kick off the construction next year of a 70 mln euro mall in Varna, on the Black Sea, said Egosi. The 70,000 sq m shopping center should be operational by 2009.
     General Electric Real Estate, a co-owner of the Mall of Sofia, said it is sounding out a number of investment opportunities both through acquisitions and new construction. The future projects of the company here could involve its current partner in the Mall of Sofia, Irish fund Quinlan Private.
     The most high-profile tenants of the Mall of Sofia, whose much-delayed opening finally took place on June 9, include apparel makers Diesel, Speedo and Lacoste. The mall is anchored by the outlets of food chain Piccadilly, sporting goods retailer Intersport and apparel chains Sisley and Benetton which will share one outlet.

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