Greek Fourlis, Danaos to Build Whole New District near Sofia
A whole new district with a residential complex and a business project will be erected in the capital, next to the future Sofia Ring Mall near Bulgaria's sole IKEA store.
Greek investors Fourlis and Danaos plan to invest EUR 70 M in a residential complex and a further EUR 50 M in a business project, both part of the EUR 300 M Sofia Ring Development.
Sofia Ring Development is scheduled to be fully completed in 2019.
Sofia Ring Mall, which is to become Bulgaria's largest retail and entertainment destination together with the closely located store of IKEA Bulgaria, will be the first building to be unveiled in the mega complex in about a year.
The shopping center will provide to its customers views towards the city and Vitosha Mountain and a lot of green areas.
It will feature a tenant mix of over 200 stores, including fashion and sport stores, entertainment facilities, a 10-screen cinema multiplex. More than 25 000 sq meters of gross leasable area are slated to anchor tenants and more than 20 000 sq meters to fashion brands. In total Sofia Ring Mall will have 69 000 square meters of gross leasable area, and 172 000 square meters of gross building area on 3 retail floors.
One of the biggest advantages of Sofia Ring Mall is that it's a unique cluster of "big box" operators working in synergy with a classical "shopping mall" mix, making it and all-in-one offer catering all needs of visitors, the investors say.
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Only advanced degree with 15 years banking experience, senior executive with $5 million lending authority - my individual signature.
What, exactly is it that you think I don't understand?:
Believe me, I can look at a bank's balance sheet.
All the banks in Bulgaria are bankrupt.
You have my personal guarantee.
Anything further you want to debate about this?
Truly, I have some sympathy for the misinformed and deluded.
Do not want to be disrespectful, only informative to you.
A perfcet example of how "Foreign Investment" distorts the economy of Bulgaria. Any government worth it's salt would have excluded these predatory investors, with an appropriate "industrial policy" long ago. They do not do anything to develop the Bulgarian economy. Instead, they build more "malls" - mausoleums to arrogance and stupidity, that mis-allocate Bulgarian resources to a big pile of unprofitable crap. The human energy and capital that went to this should have been directed at building schools, and strengthening Bulgaria's educational system.
As it is, we will have another mall, where impoverished Bulgarian youth without jobs can walk, meet each other, and stay warm in the winter.
But there is no hope that this can ever be profitable, or that the banks that financed it can recover and become solvent. All of the Bulgarian banks are bankrupt (in the sense that they owe more to their depositors than they have the ability to repay from current or future sale of or earnings from their assets.. is this a fact that people have not yet noticed?
What a huge waste of money and labour devoted to these preposterous edifices to arrogance and greed.