09.11.2007

UK Winlan to invest BGN 184 million in Sofia retail park

Britain's Winlan has announced plans to invest BGN 184 million in Bulgaria's first retail park.
The project, which Wednesday received a First Class Investor certificate from Bulgaria's investment promotion authority, will be implement by Retail Park Sofia, 85%-owned by Inland Bulgaria Limited, as the online English edition of Dnevnik Daily reported.

It has bought 24 ha of land between the capital's Lyulin and Filipovtsi boroughs for EUR 25 million.

The location for the retail park, due to open in 2010, was chosen for its proximity to the Lyulin motorway, the Sofia ring road and the general scarcity of such projects in this part of the capital in contrast to its eastern boroughs, said Asen Agov, who owns 5% in Retail Park Sofia.

The 77,000 sq m retail park will accommodate several supermarkets as well as furniture, electronics, automobile and apparel hypermarkets. There will be 3,000 parking spaces and a gas station.

Cushman&Wakefield will market the lettable space inventory. Rent rates will be significantly lower than those charges by other Sofia malls.

The developer will provide 25% of the necessary financing and will borrow the remainder after the property reaches a certain occupancy level.

Source: www.journey.bg