The 33,000sqm Mall Varna comprises 150 shops plus leisure facilities, including a multi-screen cinema, bowling alley and food court
Property group Miller Developments has completed its biggest property transaction in continental Europe after reaching agreement on a 120 million deal for the investment purchase of the largest new retail and leisure development in Bulgaria.
Mall Varna, which started trading in June 2008, is located in Varna, Bulgaria’s second-largest city and the country’s leading tourist destination. The city is also increasingly becoming a focal point for overseas investors.
Keith Miller, chief executive of the Miller Group, described Mall Varna as an “impressive addition” to the company’s portfolio. “The investment is part of the group’s ongoing strategy to expand its presence in Europe,” he said. “Despite the current economic climate we expect the retail market in Bulgaria to continue to grow, making this prime asset a very attractive investment opportunity.
“This latest acquisition means Bulgaria is one of eight countries in which we are now operating outside the UK.”
Funding for the deal was provided by the Austrian bank group Raiffeisen. Miller Developments represented itself, while Cushman & Wakefield, in association with Forton International, advised vendor Interservice Uzunovi.
The 33,000sqm Mall Varna comprises 150 shops plus leisure facilities, including a multi-screen cinema, bowling alley and food court. It boasts an international line-up of tenants, featuring big-name retailers such as Adidas, Esprit, L’Occitane and Swarovski.
Phil Miller, chief executive of Miller Developments, said: “Only the best deals are obtaining finance in this market so this deal underlines the capability of the Miller Developments team to source and execute the best transactions.”/ Sunday Herald
Source: Econ.bg
