Sat, Nov 21 2009

German property investment firm DEGI has postponed the purchase of Mall of Sofia, SeeNews Corporate Wire reported, quoting company information. The hazy financial environment has prompted the company to put off the deal until first-quarter 2008. The news that DEGI was preparing to acquire Sofia's flagship big-box shopping centre was broken by the anti-trust commission in early October. The regulator was to have a say on the deal.
Who would have thought at the beginning of 2003 that the run-down, half-completed concrete structure on the corner of Alexander Stamboliiski and Opulchenska boulevards in Sofia would soon turn into the high end of sale-for-profit investment. Nowadays, it has also become an indicator of the direction that Bulgaria's property market has taken.
Equest Balkan Properties sold its City Center Sofia shopping centre to US real estate investment management firm Heitman for 101.5 million euro, Dow Jones news agency reported. The deal was announced on September 19 and should be wrapped up in November. Equest bought the shopping mall off-plan in 2006. It paid 94 million euro to the seller, Stroitown, a company linked to Roumen Gaitanski, the former owner of Sofia's refuse collection companies.
A Bulgarian-language media report said that investment fund Equest Balkan Properties plc had hinted at its intention to sell City Center Sofia. Equest bought City Center Sofia for 94 million euro in March 2006, just two months before the mall's official opening. Investor.bg, reporting the possible sale, claimed that the information had come from Equest Partners Limited's investor relations officer Naomi Kora. The centre has a 44 000 sq m built-up area, 24 000 sq m of which is retail space. It has four floors and two underground levels, which have underground parking for about 500 vehicles, a hypermarket, two levels of shops, an entertainment centre with a six-screen cineplex and a total of 1500 seats, and a number of fast food outlets, restaurants, bars and coffee shops.
The Black Sea town of Pomorie has approved a proposal for the construction of a spacious and modern marina, with a capacity of over 600 yachts and small passenger ships.
Over the course of a year, from one of the leaders in Europe in new construction, Bulgaria became one of the countries currently quagmired at the bottom of the table and was now amongst the three worst hit countries, along with Romania and Slovenia.
The park is posed to act as an economic stimulant in the region, creating a modern infrastructural base for companies. It is set for completion by Q3 of 2010.
Both retailers target at least 50 outlets in Bulgaria by the end of 2010.
When will Bulgaria’s real estate and construction sector recover?
Yes it may be important to let the neighbours know how the building is going but is it also not important for the people who live near the building site not be constantly under stress from not being able to sleep from the concrete trucks using the small residential streets 24/7 as their route to get to the site not the main streets or anywhere else were they will not hassle the residents. We have lived here all of our lives and I think they should take more action in not bothering us also keeping the area clean as all around the workers throw their rubbish on the ground not to mention all the dust that has formed. There is no regulation from the all night noise & light pollution they have been torturing us with for over a year now!! They keep the crane lights on all night or at least after 12 and it is like daytime out side which makes it very difficult to get to sleep. We will defiantly be taking more severe action as we have had countless meetings with the people in charge to NO effect they keep doing whatever they want without any sanctions at we are the victims!! I personally do not see it as normal to or ethical to lay down concrete on Sunday night till at least 3-4am we are human beings who also have jobs and being able to sleep effects us in our performance at out place of work. If they intend to pay us our salaries so we don't have to go to work but I guess not these are all very significant accusations which will definitely hold up in any normal court but as we all know Bulgaria is not so good in that department. So we will put ALL of our efforts together with the hope of peace & quite!!!