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Dec 05, 2017 12:23 EEST
December 5 (SeeNews) - Sofia South Ring Mall company, owner of Sofia Ring Mall, said on Tuesday its debt on a syndicated loan with an initial value of 88 million levs ($53.3 million/45 million euro) has been consolidatd into debt owned solely by Bulgaria's Postbank.
"Sofia South Ring Mall and Postbank announce that the bank has become the sole owner of the syndicated loan provided to the company in 2014," the operator of the mall said in a statement.
According to Asen Yagodin, executive director at Postbank, the transaction provides competitive conditions on the credit as well as an extended repayment period and additional financing.
"In addition to this key transaction, the year 2017 brought us a further increase in traffic by 12% compared to 26% growth in 2016," Dimitris Papoulis, CEO of Sofia South Ring Mall, said.
Sofia Ring Mall is a 130 million euro ($163 million) investment project of Greek companies Fourlis Group, which trades and produces quality durable goods, and Danaos Group, which deals in shipping, information technology, construction, banking and financial services.
The shopping centre located at the Sofia ring road spreads on a gross area of 105,000 sq m and has about 200 stores.
Development of the mall started in September 2011 and was conducted by local construction company Glavbolgarstroy.
Bulgaria's Postbank is a unit of Greece’s Eurobank EFG.
(1 euro = 1.95583 levs)
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