August 7 (SeeNews) - Bulgaria's competition regulator said it has granted approval to Bucharest-listed real estate investment trust NEPI to acquire Serdika Center shopping mall in Bulgarian capital Sofia, Serdika Office building and the land, on which the properties are built, for a total price of 207.4 million euro ($244.8 million).
Serdika Center holds a 10%-20% market share in terms of net lettable area on the Sofia retail space market, the Commission for Protection of Competition (CPC) said in a statement on Friday.
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The other shopping mall in Sofia acquired by NEPI, The Mall, also holds a 10%-20% market share, according to the CPC.
As the combined market share of the two properties does not exceed 40%, competition on this segment of the market is not likely to be distorted, the regulator concluded.
Last month, UK-based investment company Hystead Limited said it had signed a deal to acquire Bulgaria’s AP Retail I, a subsidiary of NEPI and owner of The Mall, for 156 million euro, through its subsidiary Balkan Retail. The transaction is subject to approval by the CPC.
NEPI, through its Bulgarian subsidiary NEPI Project One, acquired Serdika Center from Einkaufs-Center Sofia last month. It also acquired all the shares of CEE Property Bulgaria, owner of Serdika Office, from CEE Property-Invest. NEPI also acquired all the shares in HANSA Immobilien, the owner of the land on which the properties are built.
NEPI is listed on the Bucharest Stock Exchange (BVB) and the Johannesburg Stock Exchange (JSE).
($ = 0.8472 euro)