Plaza Centers NV announced it made its first investment in Bulgaria with the acquisition of a retail development project in Bulgaria Shumen, Reuters reported.

The development budget for the retail centre was estimated at 38 million euro. The centre was to include shopping and entertainment areas.

Plaza Centers expected to complete the project by late 2009, Reuters said.

The investment in Shumen was to strengthen its position in South-East Europe after recent acquisitions in Romania and Serbia, where it was developing seven sites in total, Plaza Centers said.