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Hypermarket chain Carrefour enters Bulgaria's Grand Mall Varna

Date: 24.10.2007

Carrefour, the biggest retail chain in Europe, officially signed a long-term lease contract with Grand Mall Varna in the Bulgarian Black Sea port of Varna, Orchid Developments Group announced Tuesday.

The Carrefour hypermarket will have a total area of 9,300 square meters, located underground which makes the company the biggest tenant in the mall. Carrefour will also turn into the largest hypermarket in Varna.

The contract with Carrefour is exceptional considering the size and the potential of the companies and shows the trust between them. The agreement was signed for a period of 30 years. The contract is expected to start immediately after completion of construction.

Last monsth Scottish property development holding Miller Group closed the acquisition of the Mall Varna complex 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.

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