European Convergence signs Bulgaria retail park deal
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European Convergence signs Bulgaria retail park deal
European Convergence Development Company Limited has signed a preliminary land purchase agreement on 22 August 2007 with Sienit Holding AD, a Bulgarian company, for the development of a shopping mall together with a number of adjacent big-box and retail warehouse outlets in Burgas city currently known as Burgas Retail Park, reports news agency Dow Jones, citing a corporate press release. ECDC's participation will be via a contribution of 70% of the equity required for the project via a 8.925 mln euro shareholder loan into a SPV company established for the acquisition of the land and the execution of the project. For this contribution ECDC has secured 60% of the development proceeds. Sienit's participation in the land acquisition will also be on the basis of a shareholder's loan, initially provided on a collateralised and short-term basis of 180 days by ECDC. Sienit is ECDC's joint venture partner for the development of Galleria Plovdiv a 100,000 sq m retail mall announced as a part of ECDC's listing on June 18, 2007. Burgas Retail Park is forecast to provide over 60,000 sq m of gross lettable area. Total development costs (including land) are estimated at 60 mln euro and the project has an expected duration of 30 months. The development site is located to the southern edge of the city with a road frontage of 250 meters on the main highway connecting Burgas with the country's southern coastal resorts. The Burgas Retail Park project is ECDC's fifth joint venture project and brings the total amount of equity committed by the company to 36 mln euro (assuming that any outstanding conditions precedent on respective projects are met). European Convergence Development Company plc is an Isle of Man company established to take advantage of opportunities that exist in the property markets of South-East Europe
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