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German company to nvest in Bulgarian retail

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Leading German developer and investor ECE Projektmanagement plans to invest 150 million euros on a new retail centre in Bulgarian coastal town Varna.

The project, Cherno More Park, will have 54 000 sq metres in built-up space with more than 220 shops and is expected to be completed by 2010, media reports said.

Though the company is yet to finalise the retailer, it would give preference to those in international fashion brands, consumer electronics, sports goods.

ECE is already engaged in two retail projects in Bulgaria, both in the capital, Sofia.

They are Serdika Centre at estimated cost of 180 million euros, having 50,000 sq metres in retail and 35,000 sq metres of office space while Europe Centre will have 70,000 sq metres of retail space.

The construction of the first project has already begun, while the second is to begin soon. Both projects have been awarded a First Class Investor Certificate.
At present, the Hamburg-based company runs 90 retail centres in Europe. Another 26 are on the anvil.

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