General Electric’s (GE) division GE Real Estate will acquire half of Mall of Sofia upon the completion of the project.

The deal was concluded last week with the Irish company Quinlan Private, Dnevnik newspaper reported. Until present all information of GE’s participation was unofficial.

In a consortium the two companies bought the second half of the trade centre. Aviv Group and Cinema City International sold their shares. The value of the entire project is 90 million euro, GE representatives said.

The acquisition would strengthen GE’s presence on the Bulgarian market, director for Central Europe of GE Real Estate Karim Habra said.

The GE and Quinlan consortium was created last August, when the companies acquired the first half of the mall. Back then GE bought 30 per cent of the shares and Quinlan acquired the other 20 per cent.

With the conclusion of the second phase of the deal the two companies split the ownership of Mall of Sofia.