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Real estate developer Plaza Centers enters Bulgaria

Date: 21.11.2007

Dutch-registered Plaza Centers has made its first investment in Bulgaria, buying a retail development project in Shumen, northeastern Bulgaria, which has a development budget of EUR 38 M.

The firm, listed in London and Warsaw, said it picked the project because the area was "is significantly undersupplied by the sort of high quality retail and entertainment space" it specialises in.

The shopping mall, sprawling over 17.000 square metres, will comprise 18.000 square metres of retail space and 600 parking spaces. The project is due to be completed by late 2009.

Plaza Centers is a subsidiary of Israeli medical equipment firm Elbit Medical Imaging, developing shopping and entertainment centers in Central and Eastern Europe and India.

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