UK construction group Miller Developments has completed the purchase of Mall Varna, the largest new retail and leisure development in Bulgaria, from developer Interservice Uzunovi.
UK construction group Miller Developments has completed the purchase of Mall Varna, the largest new retail and leisure development in Bulgaria, from developer Interservice Uzunovi.
The EUR 120 mln deal represents Miller's biggest property transaction in Continental Europe and is one of Bulgaria's largest transactions this year. Miller's involvement in Mall Varna dates back to June 2007 when it signed a conditional contract to acquire the scheme on its completion.
Mall Varna, which opened for trading in June 2008, offers 33,000 m2 of Gross Lettable Area, which is made up of around 150 shops, along with leisure facilities including a multi-screen cinema, bowling alley and food court.
'Despite the current economic climate we expect the retail market in Bulgaria to continue to grow, making this prime asset a very attractive investment opportunity. This latest acquisition means Bulgaria is one of eight countries in which we are now operating outside the UK,' said Keith Miller, Group Chief Executive.
Funding for the deal was provided by the Austrian Raiffeisen Bank. Miller Developments represented itself, while Cushman & Wakefield, in association with Forton International, advised Interservice Uzunovi.
