Polish company Globe Trade Center (GTC) will enter the Bulgarian real estate market with the construction of a EUR 77 M mall in the Black Sea port of Varna.

The Galeria Varna mall would be built in the Mladost district of the city, as a joint venture with local businessman Toni Ikonomov, who owns the land on which it will be built.

After the construction is concluded, the Polish company will own 65% of the mall, and Ikonomov the rest.

It will have a net rentable area of 37,000 square meters and GTC estimates annual revenues of EUR 9,5 M from renting out the property.

The investors are still to receive a building permit and pick a construction company, but they hope to finish work on the mall by end-2009.

GTC has operations in nine eastern European countries and said last month it agreed on terms for the acquisition of two other retail projects in large Bulgarian cities.

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