Bulgarian co plans to build 3 shopping malls

Dnevnik Daily, 18th September 2006

Local company Densi Stroy plans to build 3 or 4 entertainment and shopping centers styled after the Central Mall in Veliko Tarnovo, Northern Bulgaria, which it also developed, said Marin Zgurev, manager of the construction company.
The new commercial centers will be located in cities with population above 100,000.
Central Mall in Veliko Tarnovo, a city of around 0.3 mln, will become September 15 the first Western-style shopping mall outside the capital Sofia.
The shopping center comprises 33,000 sq m of gross area including 16,000 sq m retail floor area plus 1,500 sq m of office net floor area.
Lettable areas have been pre-let to a mixture of well known international and local retailers including Benetton, Esprit, Kenvelo, Pepe Jeans, Levi's and Germanos, supermarket operator Piccadilly and movie theater operator Alexandra Group which will have 3 cinemas in the complex. The mall has already reached 100% occupancy.
Densi Stroy expects to recoup its 15 mln euro investment in the mall in 8-9 years.
The European Convergence Property Co, an Isle of Man company, is in talks to buy Central Mall. The value of the deal will be revealed once its is wrapped, said Zgurev.


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