Immoeast has said that 50% of the space at the Cherno More Park shopping centre project in the Bulgarian Black Sea city of Varna has been pre-let six months prior to the start of construction. Cherno More Park will be the largest shopping centre in the city, Immoeast said. The scheme is being developed by a 50-50 partnership between Immoeast and German shopping centre specialist ECE. The shopping centre will comprise 180 shops and restaurants on a total usable space of 90,000 m[sup]2[/sup]. There will also be 1,800 parking spaces.
Immoeast has said that 50% of the space at the Cherno More Park shopping centre project in the Bulgarian Black Sea city of Varna has been pre-let six months prior to the start of construction. Cherno More Park will be the largest shopping centre in the city, Immoeast said. The scheme is being developed by a 50-50 partnership between Immoeast and German shopping centre specialist ECE. The shopping centre will comprise 180 shops and restaurants on a total usable space of 90,000 m2. There will also be 1,800 parking spaces.
Construction will begin in the fourth quarter of 2008, with the opening slated for the fourth quarter of 2010. The costs of the development have been estimated at EUR 150mln. Immoeast says it now has 77 retail properties and projects with a total usable space of 1.5 million m2 and a fair value of EUR 3.6bn. This is equivalent to a share of 32.9% in the overall Immoeast portfolio.
