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Gazit-Globe of Israel to spend $260 mln on Bulgarian malls

Gazit-Globe of Israel to spend $260 mln on Bulgarian malls., Israel's second-largest property developer by market value, plans to spend more than €200 mln ($260 mln) to build shopping malls in Bulgaria.

Gazit Globe expects to build between 15 and 20 malls over the next five years in Bulgaria, which joined the European Union on January 1, the Tel Aviv-based company said today in an e-mailed statement. Property acquisition and construction will be managed by the company's Gazit Globe Israel unit. The company „identified Bulgaria as a preferred objective and believes that its inclusion in the European Union in 2007 will increase growth and strengthen Bulgaria's economy and market,” Gazit Globe said in the statement. Shares of Gazit Globe fell as much as 2.49 shekels, or 4.6%, to 51.22 shekels, and were trading at 52.35 shekels at 1:48 p.m. in Tel Aviv. (Bloomberg)