Europa Capital LLP, the fund manager of Europa Fund III and the Europa Emerging Europe Fund, is pleased to announce that it has completed the acquisition of Mall of Sofia, Sofia, Bulgaria, from GE Real Estate and Avestus Capital Partners. This is Europa's second investment in Bulgaria this year and demonstrates its ongoing commitment to the region.
Mall of Sofia is a 23,600-m² shopping center with 10,400 m² of offices above, located in the center of Sofia, the capital of Bulgaria. The property has an excellent tenant roster and there is scope to augment the existing income through active asset management.
The acquisition, which amounts to a transaction volume in excess of 100 million, was financed by the existing lenders OTP Bank and DSK Bank. Going forward, the asset will continue to be managed by Avestus Capital Partners with property management provided by MOS Management.
Europa Capital was advised in this transaction by CMS Cameron McKenna and CB Richard Ellis/MBL. GE Real Estate and Avestus Capital Partners were advised by Schoultz & Partners (Prague), Andonov & Radinska (Sofia), and Jones Lang LaSalle.
Henry Morris, Acquisitions, Europa Capital, said: "This is an exciting opportunity to create value through a number of focused asset management initiatives on one of the region's strongest assets.
"We will look to improve the tenant mix whilst retaining the unique market positioning of Mall of Sofia in the retail hierarchy. We are delighted to be working in cooperation with Avestus and MOS Management moving forward with this significant investment in Sofia."
Source: Finsbury PR