ECDC signs up for development of Bulgarian retail park

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.