advertisement
Sat, May 26 2012
Two more Bulgarian shopping malls to be sold
Photo: Georgi Kozhouharov
The sale of another two shopping malls will be finalised by the end of 2010 or in early 2011 at the latest, Assen Lisev, CEO of real estate consultancy MBL/CBRE, which manages City Center Sofia, told Dnevnik.
The two malls sold this year, or rather projects under construction, were Mall Rousse and Mall Stara Zagora, which cinema chain Cinema City offloaded to peer Israel Theaters for about 85 million euro.
Lisev added that City Center Sofia, which since 2006 has changed hands three three times, was not among them, but declined to give more details.
Last week it became clear that Austrian Raiffeisen Zentralbank wants to buy Mall Varna, owned by Miller Developments. Then Mall Varna’s marketing manager Desislava Kovacheva said all the malls in the country were for sale, while a major real estate consultancy confirmed it but added that good offers were scarce. The price of retail space has dropped as rents have fallen, thus any sale will be at a loss for the owner, market observers said.
Another suspect is Mall of Sofia as GE Real Estate is known to be selling its stake in it, even in the summer it came close to finalising a deal, but disagreements with its co-owner, Irish fund Quinlan Private, led to nothing, sector sources told Dnevnik. The partners bought the mall in 2006 for 90 million euro from Israeli companies Ocif and Aviv.
The market also foresees the sale of either Pfohe Mall or Grand Mall Varna, both in the city of Varna. Pfohe Mall, which opened in December 2007, is 40 per cent owned by Karl Heinz Pfohe and 30 per cent by Philip Michael Pfohe. Grand Mall Varna, owned by Orchid Development Group of Israeli entrepreneurs Guy Meyohas and Ofer Miretzky, cut the ribbon in May. Both the companies denied plans to be selling the malls.
Currently, Bulgaria has 15 malls and 16 under construction.
In terms of newly-developed retail space in the first half of 2010, about 200 000 sq m, Bulgaria ranked first in the European Union and second in Europe after Russia, according to a report of consultancy Cushman & Wakefield. Year-to date four shopping centres have opened door – two in Sofia and one each in Plovdiv and Varna.
Source: Dnevnik.bg
The two malls sold this year, or rather projects under construction, were Mall Rousse and Mall Stara Zagora, which cinema chain Cinema City offloaded to peer Israel Theaters for about 85 million euro.
Lisev added that City Center Sofia, which since 2006 has changed hands three three times, was not among them, but declined to give more details.
Last week it became clear that Austrian Raiffeisen Zentralbank wants to buy Mall Varna, owned by Miller Developments. Then Mall Varna’s marketing manager Desislava Kovacheva said all the malls in the country were for sale, while a major real estate consultancy confirmed it but added that good offers were scarce. The price of retail space has dropped as rents have fallen, thus any sale will be at a loss for the owner, market observers said.
Another suspect is Mall of Sofia as GE Real Estate is known to be selling its stake in it, even in the summer it came close to finalising a deal, but disagreements with its co-owner, Irish fund Quinlan Private, led to nothing, sector sources told Dnevnik. The partners bought the mall in 2006 for 90 million euro from Israeli companies Ocif and Aviv.
The market also foresees the sale of either Pfohe Mall or Grand Mall Varna, both in the city of Varna. Pfohe Mall, which opened in December 2007, is 40 per cent owned by Karl Heinz Pfohe and 30 per cent by Philip Michael Pfohe. Grand Mall Varna, owned by Orchid Development Group of Israeli entrepreneurs Guy Meyohas and Ofer Miretzky, cut the ribbon in May. Both the companies denied plans to be selling the malls.
Currently, Bulgaria has 15 malls and 16 under construction.
In terms of newly-developed retail space in the first half of 2010, about 200 000 sq m, Bulgaria ranked first in the European Union and second in Europe after Russia, according to a report of consultancy Cushman & Wakefield. Year-to date four shopping centres have opened door – two in Sofia and one each in Plovdiv and Varna.
Source: Dnevnik.bg
-
Print
-
Send via email
- Translate to
-
Share:
To post comments, please, Login or Register.
Please read the The Sofia Echo forum comments policy.
Rousse central square overhaul launched
The long overdue renovation of the central square in the northeastern riverside city of Rousse will cost 10 million leva.
London-listed TBIL to sell Europe Palace for 1.5 million euro
TBIL is still in discussions with DSK Bank and its majority shareholder, Hungarian OTP Bank, on financing its Hotel and Spa project in the village of Banya. No definitive decision on TBIL's Sozopolis Resort project has been made yet.
Rental prices in Bulgaria's upscale shopping centres fell 25 per cent in Q3
Rents on the cities' main shopping streets were unchanged at about 55 euro a sq m in Sofia and between 30 and 40 euro in other major cities.
Experts recommend shunning Bulgarian property market
Together with Cyprus, Bulgaria is considered a market not worth investing, while Brazil and Florida are deemed the best locations to buy property.
Raiffeisen Zentralbank wants to buy firm that owns Mall Varna
The intended transaction was announced by Bulgaria's Commission for Protection of Competition (CPC).
Fifth Carrefour store in Bulgaria to open in Rousse
The French international hypermarket chain Carrefour will open its newest store in the northern Bulgarian riverside town of Rousse by the end of the year.
UK apparel chain Next opens first Bulgarian store on September 1 2010
The British chain plans to open more Bulgarian units, including a home furnishing store.
Opening of Plovdiv’s Markovo Tepe Mall targeted for November 2010
Space in the mall is 70 per cent rented and the mall is confident it will have full occupancy by the time it opens.
To The Mall and back
The Mall is big and challenging from all points of view
Cinema City sells two mall projects in Bulgaria for 85 million euro
The deal is valued at 85 million euro and covers the Маll of Rousse and Mall of Stara Zagora projects. According to the seller's preliminary plans, it should be completed this year.
More in this category
Bulgaria secures one-year extension on Belene loan - minister
The option to postpone the due date was contingent on securing 55 million euro for immediate repayment of the amounts loaned by Belgium's Dexia and Japanese bank Mizuho.
Euro zone unemployment at record high
The Eurostat data agency said that unemployment reached 10.9 per cent in March, up from 10.8 per cent in February. The March figure translates to 17.4 million people unemployed in the euro zone.
Sale of Bulgarian telecom BTC faces cancellation – report
Citing three separate sources familiar with the deal, Capital Daily reports that the creditors found offers submitted by three bidders unsatisfactory.
Raiffeisen takes over Polbank
Eurobank EFG is left with a 30 per cent stake in the merged entity but has said it will exercise its put option on the remaining holding.
Global jobs crisis to continue for some time, ILO report says
The narrow focus of many euro zone countries on fiscal austerity is deepening the jobs crisis and could even lead to another recession in Europe, said the Director of the ILO Institute for International Labour Studies and lead author of the report, Raymond Torres.
Appointments
Employment Agency
Kamelia Lozanova has been appointed the executive director of the Employment Agency, a position she has held ad interim since September 2011, following the resignation of her predecessor Rossitsa Stelianova. Prior to that, Lozanova was the agency's deputy executive director in charge of international projects and European programmes. She has been with the agency for more than 20 years. Lozanova has a degree in Slavonic philology from the St Kliment Ohridski University of Sofia.
Uniqa
Gloria Dimitrova has been appointed executive director and member of the managing board at Uniqa Life Insurance Bulgaria. Dimitrova began her career in 1998 at the insurance supervision directorate, but moved to the private sector and worked for professional services and insurance brokerage firm Marsh&McLennan and US insurer AIG, both in Bulgaria and the Middle East. She joined Uniqa as regional director for Sofia in 2010. Dimitrova has a degree in economics from the University for National and World Economy in Sofia and a master's degree in insurance from the Business Academy in Svishtov.
Kamenitza
Yassen Lyubenov is the new head of marketing at Bulgarian beer brewer Kamenitza. Lyubenov has 12 years of experience in marketing in the fast-moving consumer goods sector and has started his career as assistant brand manager at Kraft Foods Bulgaria. He later became brand manager at Wrigley Bulgaria, with responsibilities for Bulgaria and Macedonia. Prior to joining Kamenitza, he was senior marketing manager at Wrigley Russia, where he was in charge of brand expansion into Ukraine, Belarus, Central Asia and the Caucasus. Lyubenov has a bachelor's degree in international business administration from the University of Lincoln, UK.
Beiersdorf
Bedros Kalfayan, general manager of skin care and cosmetics company Beiersdorf Bulgaria, will oversee the parent's company units in Romania and Moldova starting April 1. Following company restructuring, Beiersdorf's subsidiaries in the three countries were merged and are now one unit, part of Beiersdorf Central and Eastern Europe. Kalfayan joined Beiersdorf in 2007 as sales manager and was promoted to general manager in 2008. Prior to that, he worked for Axxon Bulgaria, Ferrero and Rubella. Kalfayan has a master's degree in industrial management from the Technical University in Sofia.
Hewlett-Packard
Sasha Bezuhanova has been appointed Hewlett-Packard public sector director for emerging markets, where she will oversee HP public sector activities in 63 countries, including Bulgaria. Bezuhanova will also be in charge of HP's relations with the European Union. Bezuhanova has been HP's public sector director for Central and Eastern Europe since 2008; before that she was general manager of HP Bulgaria since 1998. Bezuhanova has a master's degree in electronics from the Technical University in Sofia and has completed a managment programme at INSEAD.
© 2000-2012, Sofia Echo Media Ltd.
Web Design by RIZN
Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted.
Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only
with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site.
Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com.
Sofia Echo Media cannot be held responsible for the statements contained in visitor comments.
The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the
price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes,
and should not be used as a basis for decisions about buying or selling stock options.
- Economedia Group portfolio:
- In Bulgarian:
-
Business:
Капитал,
Кариери,
Пазари,
Ho Re Mag,
Регал,
Градът.bg,
Одит,
Foton.bg,
Online shop
- News: Дневник, Европа, Foreign Policy - България
- IT: IDG.BG, Computerworld, PC World, CIO, Networkworld
- Entertainment: Бакхус
-
In English:
The Sofia Echo