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Varna-based Bulgarian Properties, part of U.S. investment fund Global Management Ventures, said it has acquired a building in rough construction the center of Vidin, North-western Bulgaria, which will be developed into a mall-type property.
The completion of Mall Vidin will cost 6 mln levs. The shopping center should open for business in late 2007.
The 4-storey mall will have a total built-up area of 9,000 sq m, housing over 60 retail outlets.
The investment in a large-scale shopping center is prompted by the construction of Danube Bridge II and the expected improvement in living standards in the area.
Global Management Ventures has so far invested in commercial, office and tourist real estate projects in Varna, Ruse, Vidin, Svishtov and along the Black Sea coastline.
The fund intends to invest over 50 mln euro here over 3 to 5 years.
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