LS Property, one of the major investors in Bulgaria Mall in Sofia, announced plans to develop a number of projects in Bulgaria for a total of 450 million euro, website investor.bg reported, quoting the company's executive director Miles Summerfield.
For Bulgaria Mall alone, the investment is expected to reach 160 million euro. The shopping centre has been designed with a total build-up area of 137 000 sq m, of which 33 000 sq m are retail space and 25 000 sq m offices. French retail giant Carrefour will occupy 5600 sq m, and earlier this year a contract has been signed with Arena Cinema.
The mall is at the junction of Bulgaria Boulevard and Todor Kableshkov Street, only one kilometer away from the city's ring road.
In addition to Bulgaria Mall, LS Property has several business, residential and holiday projects in Sofia and Bansko. Among them is Mount View Sofia in Vitosha borough, a residential complex consisting of 128 flats on a total area of 15 000 sq m.
The company's overall investment initiatives amount to 900 million euro as along with Bulgaria Mall, LS Property is developing Zagreb Mall in Croatia.
Analysing the property market in the region, the company's executives have indicated that some segments of the market in Romania were in a state of decline, which may allow a step toward different acquisitions. However, in the upcoming three years, LS Property has said that it is focusing on Ukraine, where bank financing is still accessible and returns were higher.
In Bulgaria, the best commercial property had an annual return of 7.5 per cent in comparison to 6.5 per cent last year, the company said, as quoted by investor. bg. There was a chance for returns to reach even eight or 8.5 per cent in some cities.
LS Property has been established in 2003, and in addition to its main office in Sofia, the company has offices in other countries in the region.
