Opening of Salamanca Groups Bulgaria Mall (BG)

Salamanca Group, the Merchant Bank and Operational Risk Management business, announces the opening of Bulgaria Mall, a development project of c. 100,000 m², with c. 35,000 m² of retail space, located at the intersection of the Bulgaria and Todor Kableshkov boulevards in Sofia, Bulgaria.

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Bulgaria Mall will open today, with over 100 retail units.

The €135 million Bulgaria Mall, one of the largest developments completed in South Eastern Europe this year, was developed by MRPI and constructed by Cordeel. The building, which was delivered on time and within budget, was funded with equity from clients of Salamanca Group and debt from UniCredit Bulbank and Bank Austria. Following the completion of the Mall, a further construction phase is due to commence on a 17-story 20,000 m² office tower which will complete at the end of 2013.

Comprising over 100 retail units, Bulgaria Mall will open today, with a wide range of well-known international brands including supermarket anchor Carrefour, fashion anchor H&M and retail anchor Debenhams, its first store to open in Bulgaria. The Mall also has a comprehensive leisure and entertainment offering including Arena cinemas, a children's entertainment area and an entire floor dedicated to local and international restaurants.

Bulgaria Mall's outstanding design was developed to meet the needs and expectations of today's generation of more sophisticated shoppers. The glass dome, one of the largest of any mall in Europe, floods the retail space with natural light and a central atrium ensures easy navigation as all shops are visible from any single point in the centre.

Commenting on the opening, Nikos Koulouras, Director of Salamanca Group's Real Estate division, said: "We are delighted to have reached this significant milestone in the Bulgaria Mall development. Over 80% of the retail units are leased to a range of international and local brands and we are in advanced negotiations to fill the remaining space."

"Bulgaria Mall cannot be in a better location - right on Bulgaria Boulevard, near the ring road and between the affluent residential area of Boyana and Sofia centre. This prime location gives it a competitive advantage and will enable this high-end mall to succeed in the long term."

"The project's success rests largely on Salamanca Group's ability to source good quality investments, as well as our capacity to persevere and see a development through to completion despite the challenging market and strong economic headwinds."

"We look forward to announcing further lettings and progress on the class-A office tower soon."

Source: Tavistock

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