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Scottish Miller group closes Mall Varna acquisition in Bulgaria

Date: 26.09.2007

Scottish property development holding Miller Group closed the acquisition of the Mall Varna complex in the Bulgarian Black Sea port of Varna for EUR 120 M in the biggest deal of its kind in Bulgaria.

Mall Varna, developed initially by local firm Interserviz Uzunovi following a EUR 30 M investment, is one of the six malls being built in the city.

Construction on it began a year ago and was scheduled to complete in November, but its grand opening has since been postponed for spring 2008.

Miller Group is active in construction, as well as house building and property development.

Earlier this month, it announced an increase in profit before tax of 9% to GBP 59,6 M.

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