News
Austria's Immoeast buys stake in Varna shopping mall development
Austrian investment fund Immoeast has acquired a 50% stake in the Cherno More Park shopping scheme currently being developed in Varna, on the Black Sea, by Germany's ECE Projektmanagement, a leading developer of inner city shopping centers in Europe. Immoeast, an Austrian real-estate developer focused on Eastern Europe, owns a stake in local real estate investment trust Prime Property BG and is investing in several office and residential schemes in Sofia and two vacation villages on the coast. Work on the 150 mln euro development is scheduled to kick off this fall and reach completion by 2010. The 50,000 sq m footprint of the mall will be located on the site of the former diesel engines factory Vamo near the point where the Hemus motorway enters the Western part of the city. The two-storey building will house 220 shops, eateries and cafes on a lettable area of 54,000 sq m. Apparel makers will dominate the tenant mix but retail space will also be leased to electronics, sporting gear and food retailers. Cherno More Park is ECE's third project in Bulgaria. The company is also developing two commercial centers in Sofia with a combined inventory of 120,000 sq m of retail space.Source: http://news.dnevnik.bg/