September 25 (SeeNews) - Real estate investment trust (REIT) New Europe Property Investments Rockcastle (NEPI Rockcastle) said it has reached an agreement to acquire Bulgaria’s Bulfeld - owner of Paradise Center in Sofia, for 252.9 million euro ($301.2 million).
“The acquisition has initially been funded by a combination of the company's existing cash resources and debt facilities, combined with sale of listed securities held, in line with management's strategy of decreasing this exposure,” the REIT said in a statement last week.
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NEPI Rockcastle will acquire Bulfeld through its Bulgarian-registered subsidiary NEPI Project two, according to the statement.
The transaction will be completed upon receiving approval from Bulgaria’s Commission for Protection of Competition.
Opened in 2013, Paradise Centre offers a gross lettable area of 82,000m2, making it the largest retail centre in Sofia.
Paradise Center has an annual footfall of over 10 million visitors.
The mall is let to major national and international tenants such as Bershka, Cinema City, Forever 21, H&M, LC Waikiki, Massimo Dutti, New Yorker, Pull & Bear, Reserved, Sephora, Sport Vision, Sofia Event Center, Stradivarius, Technopolis and Zara, the statement reads.
In August, Bulgaria's competition regulator granted approval to NEPI to acquire Serdika Center shopping mall in Sofia, Serdika Office building and the land, on which the properties are built, for a total price of 207.4 million euro. The acquisition was carried out through NEPI’s Sofia-based subsidiary NEPI Project one.
($ = 0.8397 euro)