Mall of Varna, which claims to be biggest shopping centre built in Bulgaria to date, officially opened its doors to the public June 12. The day of its opening also marks the official change of ownership, with British privately-owned Miller Developments taking over.
Intersevice Uzunovi AA, a major Varna-based investor, has invested close to 50 million euro in the project, but agreed to sell the then-incomplete development for 120 million euro. The selling price is the highest paid for a shopping centre in Bulgaria so far. It is also the second most important transaction in the country in regards to real estate value, according to Dnevnik daily. The annual rate of return, estimated by Miller Developments, is up to 7.5 per cent, the daily said.
The newspaper quoted Krassimir Uzunov from Interservice Uzunovi AA as saying that 35 firms shoed interest in buying the mall. The property is the first acquisition for Miller Developments in Bulgaria, and its largest one-time investment on the Balkans.
The building, designed by UK–based architects Chapman Taylor, is on the intersection of Vladislav Varnenchik and Hristo Smirnenski boulevards. Both are major thoroughfares in Bulgaria's biggest Black Sea city, offering easy access to Varna Airport and the city’ centre.
Mall of Varna houses a skating rink, eight cinema halls, 10 bowling lanes, a 3D cinema - XD Theater - as well as 800 sq m children entertainment centre called Capella Play. The total built-up area is 70 000 sq m, out of which 33 000 sq m is the total retail space. The property management and leasing is overseen by Cushman&Wakefield and their Bulgarian affiliates Forton International.
The mall also features world-famous brands like Miss Sixty and Energy, Esprit, L’Occtaine, Nine West and Puma. The supermarket chain Piccadilly Gourmet will also have a store, the chain's biggest, spread out on 2 000 sq m. For the convenience of the mall’s customers, the parking lot is equipped with 800 spaces.
Miller Development announced that it planned to improve its European portfolio in the upcoming months through the establishment of joint ventures. Currently, the company has offices in Romania, Denmark, Hungary, Portugal, and it intends to invest in Ukraine.
In Bulgaria, Miller Developments is looking to invest into residential property and said it is already eyeing potential plots.
