Eli Egosi is Chief Executive Officer of Bulgaria Mall (investors: Salamanca Capital and LS Property) and Advisor to the CEO for Grand Mall Varna (investor: Orchid Developments Group).
Egosi has been acting as Chief Executive Office of M.O. Sofia AD since 2003. The company is investing over EUR 50 M in Mall of Sofia project, the biggest international style shopping, entertainment and business center in Bulgaria (75,000 m2).
Since 1999 Egosi has been involved in the development of various large-scale real estate projects acting as Country Manager of Plaza Centers in Poland responsible for the construction and overall management of two shopping malls in Krakow, Krakow Plaza (60,000 m2) and Ruda Slazka Plaza (30,000 m2), Sadyba Best Mall.
He has a university degree in Political Sciences and Strategies and 25 years of high managerial level experience in the Israeli Government. For the period 1990-1995 he served as Consul at the Israeli Consulate in Los Angeles, USA.
Novinite.com Editor-in-Chief Milena Hristova talked to Eli Egosi.
Q: Grand Mall Varna will be the biggest complex of mixed type in Varna and one of the biggest in Bulgaria. Which are the competitive advantages on which it relies?
A: Your question contains part of the answer:
- With more than 150 000 sq m total built area Grand Mall Varna will be the biggest shopping mall in Varna designed, built and managed according the best international practices;
- The closest mall to Varna downtown with immediate access to all major roads;
- Breathtaking construction with unique architecture;
- Long-waited in Varna famous international fashion companies;
- Amazing entertainment and food court area under the biggest sky roof in Bulgaria;
- 55 000 sq m retail space and over 1700 parking spaces.
All that will turn Grand Mall Varna into one of Varna's main attractions, a landmark to gather not only local visitor but also visitors on national level.
Q: What are the differences and similarities with Mall of Sofia, which opened last year?
A: Both mixed type complexes, Grand Mall Varna and Mall of Sofia are the new anchors for the modern people. But try to imagine a 3 times bigger Mall of Sofia, a powerful retail and entertainment mix plus a new address for Varna's business - the 3 skyscrapers. Is a comparison really needed?
Q: Could you disclose the names of other companies that will be tenant in the mall?
A: We have recently announced the name of our biggest tenant - Carrefour, with about 10 000 sq m leasing area. Very soon we will finalize leasing of our anchor stores and a grand part of the entertainment area and you will be pleasantly surprised by the selection of both national and international names involved. We are before signing leasing agreements for approximately 12 000 sq m and after that the names will be disclosed.
Q: How tall the unique skyscrapers that the project envisages will be? How would you comment claims that their length puts under question the implementation of such projects in towns along the Black Sea coast?
A: I would like to assure you that we work under all local and national government rules and regulations and operate according to the best and most modern world practices. All safety measures and technical researches have been taken into account when designing the skyscrapers. And to your question - the length of the two of the three skyscrapers will be 75 m and the third one - 68 m high. Many modern cities like Rio de Janeiro, New York, Tel Aviv located along coast have their skyscrapers. I believe our towers will contribute to the skyline of Varna and Grand Mall Varna will become a landmark.
Q: What is your forecast for the rental rates of both commercial and office areas? How do mushrooming malls in Bulgaria's biggest towns affect these rates?
A: I believe malls in Bulgaria are natural result on the needs and requests of the modern society. Being a witness of the fast developing business environment in the country for the past 4 years, I have no doubt the demand of both commercial and office leasable areas will grow in the future. With this regard I am absolutely confident in the success of our project.
Q: When is the project scheduled to be complete?
A: We expect to complete Grand Mall Varna in the winter of 2009. And you can expect the Grand Opening in the spring of 2010.
Q: What is the total of Orchid Developments Group investments in Bulgaria so far?
A: In June this year Orchid Developments Group has been granted First Class Investor Certificate for its Grand Mall Varna project. Orchid Developments is a well-established hotels and related leisure facilities, commercial and residential property developer. With over EUR 150 million investments Orchid Developments Group is one of the grand players on the real estate market in Bulgaria, an evidence for the commitment and believe in the future of the country.
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