The construction cost of the Mall Bulgaria retail centre in Sofia is expected to be almost twice as much as was first planned two years ago. The cost of the commercial and retail development is estimated at close to €220 million.
The retail complex is a joint venture between Bulgarian property developer LSProperty and the international real estate group Salamanca Capital. The Mall Bulgaria is managed by Eli Egosi, who were part of the team that worked on the Mall of Sofia project.
The central Sofia property will have a build area of 140,000m2, including 33,000m2 of retail space and 25,000m2 of commercial offices. The centre will be anchored by French retailer Carrefour, local electronics retailer Technomarket and the Arena cinema brand.
Almost thirty mall projects are scheduled to be built around Sofia but only a few have secured financing. Bulgarian real estate experts say many of them will be abandoned with the global economic crisis limiting bank financing and making credit conditions much more stringent.