Polish company Globe Trade Center (GTC) will enter the Bulgarian real estate market with the construction of a €77 million ($103 million) 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 Globe Trade Center estimates annual revenues of €9,5 million ($12.7 million) 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. (novinite.com)