The mall in Veliko Turnovo set for sale in New Year
European Convergence Property Company (ECPC), the investment fund that owns Central Mall in Veliko Turnovo, is usually scrutinising tender offers from potential purchasers the fund's officials said in a statement to the London Stock Exchange.The company expects to finished the transaction at the turn of 2008.
European Convergence Property Company ' s representatives did not comment on details of the deal. However, according to the advertisment most of the mall's retail areas are already leased.
The owner reported some building defects in the commercial building, which would be removed by the contractor, according to the terms of the consent for the establishment's sale.
European Convergence Property Company officials firstly reported the possibility of a future sale of the establishment in August this year. At that time the company struck a transaction for the sale of its three malls in Romania to the German DEGI Deutsche Gesellschaft fur Immobilienfonds m.b.H (DEGI), a property subsidiary of Allianz Group. The 110.5 million euro transaction was completed in October, delivering 6.4 to 7.2 per cent in yields for the three retail units.
European Convergence Property Company explained their exodus from Bulgaria and Romania and the change of their investment policy through an original "huge unprecedented investment interest toward the region" and a subsequent squeeze of returns on investment in the market.
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