German property firms Spaarkassen Immobilien and ECE Projektmanagement said on Monday that they had agreed a 10-year EUR 70 mln loan with Bank Austria for the Serdika shopping centre in the Bulgarian capital Sofia. The investment volume for the centre amounted to around EUR 160 mln, 65% of which was procured by Vienna-based Spaarkassen and 35% by shopping centre specialist ECE, the companies said.

German property firms Spaarkassen Immobilien and ECE Projektmanagement said on Monday that they had agreed a 10-year EUR 70 mln loan with Bank Austria for the Serdika shopping centre in the Bulgarian capital Sofia. The investment volume for the centre amounted to around EUR 160 mln, 65% of which was procured by Vienna-based Spaarkassen and 35% by shopping centre specialist ECE, the companies said.

The Serdika Center was opened in March of this year and is one of the largest shopping centres in Southern Europe with 51,000 m2 of gross lettable area, 99% of which is currently tenanted, the companies added. 'I am pleased that Sparkassen Immobilien AG and ECE were able to realise the Serdika Center even in rough times as financially sound partners. On time for the Expo Real, Bulgaria now receives a first positive sign from the capital market. For first-class real estate, loan capital is starting to be available again at reasonable conditions,' said Ernst Vejdovszky, Sparkassen chairman.