Europa Capital has contracted the sale of its Mall of Sofia investment in Bulgaria to Globe Trade Centre S.A.
Mall of Sofia comprises a 23,700 sqm shopping centre and a 10,300 sqm office tower located in the city centre. The retail occupancy rate is currently at 98 percent and office occupancy rate is 100 percent. Anchor retail tenants include Billa, H&M Fashion, Benetton, Terranova, Technomarket, McDonalds, KFC and Cinema City. The office tenants include Deloitte and Quintiles.
During Europa Capital’s ownership, major asset management initiatives included a new lease with H&M on the ground and first floors following the reconfiguration of the basement to allow the relocation of Technomarket and the expansion of the Terranova store into the basement car park to create an additional 735 sqm of lettable area.
This sale represents the 14th full realisation from Europa Capital’s 2008 vintage Europa Fund III, which commenced acquisitions in mid 2009, following the post-GFC market correction. The remaining two investments in the fund are both in advanced stages of being realised.