Sun, Nov 08 2009

Mall Varna changes hands

Sun, Nov 16 2008 17:56 CET bySvetlana Guineva 321 Views

Scottish property group Miller Developments is the new owner of Mall Varna, foreign media reported on November 16 2006.

The deal was sealed for 120 million euro, and according to the Sunday Herald, this is the group's biggest property transaction in continental Europe. Keith Miller, chief executive of the Miller Group has been quoted as saying that with this acquisition, Bulgaria becomes one of the eight countries in which the company is operating outside the UK.

Mall Varna opened in June 2008 and it is the largest new retail and leisure development in Bulgaria, spreading on 33000 sq m and housing 150 shops. In addition, it offers a food court, multi-screen cinema, bowling alley and features brands such as Esprit, Swarovski and Adidas, among others.

Austrian bank group Raiffeisen funded the deal as Miller Developments represented itself, while vendor Interservice Uzunovi were represented by Cushman & Wakefield in association with Forton International.

"Despite the current economic climate we expect the retail market in Bulgaria to continue to grow, making this prime asset a very attractive investment opportunity," the Sunday Herald has quoted Miller as saying. "The investment is part of the group's ongoing strategy to expand its presence in Europe."

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Half of Mall Varna's staff launch 48-hour strike from May 18 2009

"Lack of proper management and coherent strategy to attract new clients" is petitioners' main concern. Retailers say that they were promised short-term financial assistance but this was unforthcoming.

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