Israeli company Plaza Centers has made its first investment in Bulgaria through the acquisition of a retail development project in Shumen, a city in the northeast of the country. The development costs of the new shopping and entertainment centre are estimated at EUR 38 mln.
Israeli company Plaza Centers has made its first investment in Bulgaria through the acquisition of a retail development project in Shumen, a city in the northeast of the country. The development costs of the new shopping and entertainment centre are estimated at EUR 38 mln.
The development, which occupies a plot of 17,000 m2, will comprise 18,000 m2 of lettable retail space and 20,000 m2 of parking space. The project will be completed by late 2009. This first investment in Bulgaria strengthens Plaza's position in Southeast Europe, following recent acquisitions in Romania and Serbia. Plaza Centers is currently developing five sites in Romania and two in Serbia.
'This acquisition represents an important milestone for the company as it is our first investment in Bulgaria. Shumen, with a total catchment of over 200,000 people, is significantly undersupplied by the sort of high-quality retail and entertainment space that we specialise in developing. It is a further example of how we have identified a developing market with a shortage of high-quality space,' said Ran Shtarkman, president and CEO of the company.
