Bulgaria's anti-monopoly body has given the green light to the acquisition of a shopping mall in the capital Sofia by London-based property fund manager Europa Capital, part of US real estate investor Rockefeller Group International.
The Commission for Protection of Competition (CPC) approved on Friday the deal for the sale of Mall of Sofia to Dorado 1, which is controlled by Europa Capital, the regulatory body announced.
The deal was financed by Hungary's OTP and its Bulgarian unit DSK.
Mall of Sofia is a 23,600 sqm (254,000 sq ft) shopping center with 10,400 sqm (112,000 sq ft) of offices above, located in downtown Sofia. The property was constructed in 2006.
Its sale is believed to have generated a gain of more than EUR 20 M to be shared equally by Avestus Capital Partners and Irish GE Real Estate,
Avestus and GE Real Estate had acquired a 50 per cent stake in the shopping center rom Israeli property development firm, AVIV and Israeli cinema operator, CCI, for about EUR 37 M in August 2005.
They purchased the remaining 50 per cent when the centre was built in May 2006, taking their investment to EUR 80 M.
After its acquisition by Europa Capital, Mall of Sofia will continue to be managed by Avestus Capital Partners.
This is Europa Capital's second investment in Bulgaria this year, after it bought Retail Park Plovdiv is a 25,000 sq m retail warehouse park located in Plovdiv, the second largest city in Bulgaria approximately 150 km south east of Sofia. The deal price was EUR 20 M.