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GTC snaps up mall of Sofia

Alex Hayes 26 April 2018

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

GTC snaps up mall of Sofia
The purchase of the mall of Sofia was finance by OTP with DSK
BULGARIA GTC has purchased the Mall of Sofia in the centre of the city for EUR 90 mln.

The development includes 23,700 sqm gla of retail space and 10,300 sqm of office space as well as more that 600 underground parking spaces. The purchase is being 65 pct financed by DSK in consortium with its parent OTP. “Over the last year we secured attractive land plots to develop new class A office buildings in various European capitals, amongst them, Budapest, Bucharest, Sofia and Zagreb. The acquisition of the Mall of Sofia was an excellent opportunity to buy a stable cash-flow generating building, in the heart of Sofia. This acquisition will appreciate in value due to rising consumer spending power and is another step in reaching our mid to longer term NAV growth targets,” said Thomas Kurzmann, GTC’s CEO. The mall is currently 98 pct occupied with tenants such as H&M, Terranova, Calliope, CCC, Benetton, Sisley, Nike, Adidas, and Cinema City,operating the only IMAX cinema in Bulgaria. The food court is occupied by well-known operators such as McDonalds, Subway, Dunkin Donuts, KFC, Happy Bar&Grill. The office section is fully leased to tenants that include Quintiles, Deloitte, and DSK.


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