NEPI Rockcastle wraps up acquisition of owner of Bulgarian mall

NEPI Rockcastle wraps up acquisition of owner of Bulgarian mall Paradise Center / All rights reserved.

SOFIA (Bulgaria), December 7 (SeeNews) - Real estate investment trust (REIT) New Europe Property Investments Rockcastle (NEPI Rockcastle) said it has finalised the acquisition of Bulgaria’s Bulfeld, owner of Paradise Center mall in Sofia, on December 1.

“The transaction, together with the acquisition of Serdika Center earlier in the year, cements NEPI Rockcastle’s position in the Bulgarian market with ownership of the two best performing retail assets in the capital city,” the REIT said in a statement on Thursday.

NEPI Rockcastle said in September it has reached an agreement to acquire Bulfeld for 252.9 million euro ($301.2 million).

Opened in 2013, Paradise Center offers a gross lettable area of 82,000 sq m, which makes 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.

In August, the competition authority 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 Project one.

($ = 0.8479 euro)

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