European Convergence Development Company (ECDC) said Thursday it had signed a preliminary land purchase agreement with Bulgarian firm Sienit for the development of a shopping mall together with a number of adjacent big-box and retail warehouse outlets in the Bulgarian city of Bourgas
European Convergence Development Company (ECDC) said Thursday it had signed a preliminary land purchase agreement with Bulgarian firm Sienit for the development of a shopping mall together with a number of adjacent big-box and retail warehouse outlets in the Bulgarian city of Bourgas
ECDC said it will pay 70% of the equity required for the Bourgas Retail Park project via a EUR 8.925 mln loan into an SPV company set up for the acquisition of the land and the execution of the project. This gives ECDC a 60% share of the development proceeds.
The Bourgas Retail Park will comprise over 60,000 m2 of lettable space. Total development are estimated at around EUR 60 mln and completion is expected in 30 months.