Plaza Centers has made its first foray into Bulgaria with a 38 mln. retail development.
The listed European shopping center investor has bought a shopping and entertainment development in Shumen, the largest city in Shumen County in the north-east of Bulgaria.
The city has a catchment of 205,000 people and the scheme will comprise 193,752 ft² (approx. 18,000 m²) of lettable retail space and a 600 space car park. The center will open in 2009.
The move into Bulgaria follows Plaza Centres recent investments in Romania and Serbia where it is currently developing five sites in Romania and two in Serbia.
Ran Shtarkman, president and chief executive officer of Plaza Centers, said: "Shumen, with a total catchment of over 200,000 people, is significantly undersupplied by the sort of high quality retail and entertainment space that we specialize in developing. It is a further example of how we have identified a developing market with a shortage of high quality space."
Source: Property Week