Plaza Centers has made its first foray into Bulgaria with a E38m (£27m) retail development.

The listed European shopping centre investor has bought a shopping and entertainment development in Shumen, the largest city in Shumen County in the north-east of Bulgaria.

To open in 2009

The city has a catchment of 205,000 people and the scheme will comprise 193,752 sq ft of lettable retail space and a 600 space car park. The centre will open in 2009.

Romanian and Serbian developments underway

The move into Bulgaria follows Plaza Centres recent investments in Romania and Serbia where it is currently developing five sites in Romania and two in Serbia.

Ran Shtarkman, president and chief executive officer of Plaza Centers, said: ‘Shumen, with a total catchment of over 200,000 people, is significantly undersupplied by the sort of high quality retail and entertainment space that we specialise in developing.

'It is a further example of how we have identified a developing market with a shortage of high quality space.’