Bulgarian coastal city of Varna to get first shopping mall end-'07
Interservice Uzunovi, the Bulgarian home appliance and consumer electronics retailer, will invest 30 mln euro in a shopping center in Varna which will be the coastal city's first Western-style mall development, said company owner Krasimir Uzunov. The developer is in talks with several foreign investment funds interested in buying the mall. The project is loan-financed by Raiffeisenbank. The construction of the mall, designed by British architects Chapman Taylor, should begin in a month with hand-over seen by late 2007. The 60,000 sq m Mall Varna will occupy a 16,500 sq m site near the future outlet of German food retailer Kaufland. Lettable premises will total 27,000 sq m. The complex will have a two-level underground parking lot for 700 cars. Forton, the commercial property advisers, has the exclusive seller agency rights. Property fund Orchid Developments also plans to build a shopping mall in Varna in proximity to the Interservice Uzunovi development and has said construction will get underway in 2007. The cost of the 70,000 sq m development is seen at 70 mln euro.
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