Equest Balkan Properties, the property investment firm, has sold City Center Sofia Mall to Heitman European Property Partners III for E101.5m (£80.3m).

The 246,603 sq ft retail mall is in Bulgaria’s capital city Sofia.

Equest Balkan has entered into a share purchase agreement with Heitman European Property Partners III for the sale of Lerma BV, the 100% owner of Auriga EAD which owns the shopping centre. Completion is expected in November.

The price paid is in line with the June 2008 CB Richard Ellis valuation and represents a premium over the March 2006 acquisition price of E94m (£74.3m).

The cash from the sale will by used by EBP to fund continued operations and to repay debt.

Michael Uhler, CFO Property of Equest Partners EBP’s Investment Adviser, said: ‘Despite challenging market conditions, we are pleased to report that we have sold a significant EBP asset in line with its balance sheet value.

'This sale confirms to us that institutional investors remain interested in prime assets in the Balkans.’

Cushman & Wakefield acted as the investment sale broker.