GE and Quinlan acquire Bulgarian mall

GE Real Estate Central and Eastern Europe has teamed up with a group of investors led and advised by Quinlan Private to purchase the Mall of Plovdiv shopping centre in Bulgaria from developers Ocif and CCI.

The mall is under construction in Plovdiv, the second largest city in Bulgaria, and completion is scheduled for the fourth quarter of 2008. GE Real Estate said in a statement that a range of international retailers have signed up for units in the 22,300 m² centre. GE Real Estate and Quinlan Private have agreed to acquire a 50% interest in the centre, with the remaining 50% to be paid upon completion. Back in 2006 GE Real Estate And Quinlan acquired the Mall of Sofia, described by GE Real Estate as the strongest performing shopping mall in Bulgaria.

Separately, Quinlan Private's founder Derek Quinlan and investment company Propinvest have announced they are acquiring the European headquarters of Citigroup bank in London for £1 bn (about EUR 1.4 bn). Click on the link below for more information.