Miller Developments has completed the €120m (£103m) purchase of the Mall Varna shopping centre in Varna, Bulgaria after 17 months of talks.
The Scottish property company entered into discussions with vendor Interservice Uzunovi in June 2007. It marks the biggest purchase by Miller in continental Europe and one of the largest in Bulgaria this year.
Varna, a resort city off the Black Sea, is one the largest cities in Bulgaria with a local population of 460,000 people. This number grows to one million during the peak tourist season.
The Mall Varna, which opened its doors in June, has 355,212 sq ft of retail space comprising 150 shops. In addition, it has a multi-screen cinema, a bowling alley and a food court. Occupiers in the centre include Adidas, Nike, Camper, Esprit, Nine West, Swarovski and L’Occitane.
Funding for the deal was provided by the Austrian Raiffesien Bank. Miller Developments represented itself, while Cushman & Wakefield, in association wuith Forton International, advised Interservice Uzunovi.
Keith Miller, group chief executive at Miller Group, said: ‘Despite the current economic climate we expect the retail market in Bulgaria to continue to grow, making this prime asset a very attractive investment opportunity. This latest acquisition means Bulgaria is one of eight countries in which we are now operating outside the UK.’