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Nov 20, 2007 16:56 EEST
SOFIA (Bulgaria), November 20 (SeeNews) – London-listed property developer Plaza Centers plans to invest 38 million euro ($56.2 million) in building a shopping centre in the northern Bulgarian city of Shumen by late 2009, the company said on Tuesday.
“This acquisition represents an important milestone for the company as it is our first investment in Bulgaria. Shumen, with a total catchment of over 200,000 people, is significantly undersupplied by the sort of high quality retail and entertainment space that we specialise in developing,” Plaza Centers said in a statement.
"The sum does not include the price of the land, which was bought from a private owner,” Plaza Centers CEO Ran Shtarkman told SeeNews by telephone from the company's office in the Hungarian capital Budapest. He declined to disclose the price of the land.
Shopping centres have become popular just recently in Bulgaria and most of these developments or projects are located in the biggest cities. The country’s real estate sector has grown significantly over the past few years, catering to increasing local and foreign demand.
Plaza Centers said its first investment in Bulgaria strengthened its position in Southeast Europe, following its recent acquisitions in Romania and Serbia.
Plaza Centers currently has five projects in Romania, which also joined the EU in 2007, and two in Serbia.
Plaza Centers (www.plazacenters.com) specializes in the development of shopping and entertainment centres. The company is also listed on the Warsaw Stock Exchange.
($ = 0.9816 euro)
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