Polish Co. To Build EUR 77 M Mall in Bulgaria
Business | June 19, 2007, Tuesday // 00:00
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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.
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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