Serbia's Delta Holding completes acquisition of shopping mall in Bulgaria

"Delta Real Estate, Delta Holding member company, in cooperation with Bulgarian company AP Investments, has finalized its acquisition of the shopping mall in Varna, on the Black Sea coast," the holding company said in a statement on Monday.

According to Sofia-based Capital daily, Delta Real Estate has acquired 50% of the capital of the shopping centre.

The project called Delta Planet, with an estimated value of 120 million euro ($142.5 million), will be developed together with Sofia-based AP Investments led by two Bulgarian entrepreneurs, Angel Angelov and Peter Dudolenski, the holding company said in the statement.

The acquisition is in line with Delta Holding's strategic decision to develop and expand its portfolio of shopping malls and hotels and to be positioned as the leading real estate company in the region, Delta said.

Final works on the property with an area of 110,000 sq m will start in the following days, with the opening of the shopping mall planned for May 2018. The works will be performed by Bulgarian construction company Planex.

Delta Planet shopping mall will have 3 floors and 3 underground levels for parking, as well as 12 cinemas.

($ = 0.8416 euro)