Ecpc Rejects Offers For Veliko Turnovo Mall, Hopes To Close Deal Soon

European Convergence Property Company investment fund (ECPC), the owner of Central Mall in Veliko Turnovo, said in a filing with the London Stock Exchange on March 31 that it had received a number of offers for the retail centre.

"The Company is hopeful that a sale can be concluded in the near future. The property is currently carried at fair value measured at its last revaluation date of January 2007," ECPC said in its interim report.

The company announced its plans for a possible disposal of the shopping development as early as August last year, but conditioned it on “favourable conditions”. The fund expected to conclude a sale no later than the turn of 2008.

Last year, ECPC sold its three investment projects in Romania to the German-based real estate investment company Deutsche Gesellschaft fur Immobilienfonds m.b.H. (DEGI) for a total of 110.5 million euro.