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Central Mall in Bulgaria's Veliko Turnovo for sale

Date: 03.12.2007

European Convergence Property Company (ECPC) investment fund was considering offers from possible buyers of the Central Mall in Veliko Turnovo, the fund said, in a statement to the London stock exchange.

The sale was to be concluded in the beginning of 2008.

According to the ECPC statement, the mall was almost completely let out.

ECPC admitted that the construction suffered minor construction defects, which were being fixed by the constructor.

The investment fund announced its intentions to sell the commercial complex as early as in Augusts 2007. By that time the fund sold its three malls in Romania to the German DEGI Deutsche Gesellschaft fur Immobilienfonds mbH (DEGI) for 110.5 million euro.

ECPC explained its withdrawal from Bulgaria and Romania with quoted "unprecedented investment interest" followed by a decrease in profitability of the market.

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