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Immoeast Buys Stake In Cherno More Park

Austrian investment fund Immoeast acquired a 50 per cent stake in Cherno More Park from Germany’s ECE Projectmanagement, the German company announced.

Once completed, the 150 million euro development will be the largest retail centre in Varna.

Immoeast is the subsidiary of Immofinanz, a company active in Central and Eastern Europe. In Bulgaria, Immoeast is present through real estate investment trust Prime Property BG. Immoeast has already invested in the construction of several office and residential developments in Sofia, as well as two vacation communities on the Black Sea.

Construction works of Cherno More Park were due to start in autumn this year, Plamen Ilchev, head of ECE Projectmanagement, told Dnevnik daily. The retail centre will be located in an area which formerly housed diesel engine maker Vamo.

Cherno More Park is due to be completed in 2010. This is the third ECE project in Bulgaria. Its first two projects, also malls, are to be erected in Sofia and will include 120 000 sq m of lettable space.