Mall of Varna opens

22.06.2008

Mall of Varna, which claims to be biggest shopping centre built in Bulgaria to date, officially opened its doors to the public June 12. The day of its opening also marks the official change of ownership, with British privately-owned Miller Developments taking over.

Intersevice Uzunovi AA, a major Varna-based investor, has invested close to 50 million euro in the project, but agreed to sell the then-incomplete development for 120 million euro. The selling price is the highest paid for a shopping centre in Bulgaria so far. It is also the second most important transaction in the country in regards to real estate value, according to Dnevnik daily. The annual rate of return, estimated by Miller Developments, is up to 7.5 per cent, the daily said.

The newspaper quoted Krassimir Uzunov from Interservice Uzunovi AA as saying that 35 firms shoed interest in buying the mall. The property is the first acquisition for Miller Developments in Bulgaria, and its largest one-time investment on the Balkans.

Source : propertywisebulgaria.com