Ireland’s Avestus Capital Partners becomes sole owner of Bulgaria’s Mall Plovdiv

By bne IntelliNews February 23, 2016

Dublin-based real estate investor Avestus Capital Partners became the sole shareholder of the shopping centre Mall Plovdiv, after buying the 50% stake it did not own from GE Capital Real Estate. The price of the deal was not disclosed.

The deal was announced the day after another major Bulgarian property deal was announced, the acquisition of Sofia Airport Center by London-based specialist asset manager Revetas Capital.

"After the series of distressed transactions over the last two years the acquisition of Mall Plovdiv demonstrates that investor interest shifts to the prime end of the market. We expect that this positive trend will spread to other market segments," commented Yavor Kostov, an executive at Bulgarian real estate firm Forton, an alliance partner of Cushman & Wakefield, which represented the seller.

Mall Plovdiv is located in the southern city of Plovdiv, Bulgaria’s second largest city. The property is the first mall in Plovdiv and, for the time being, the only operational modern shopping centre in the city. Mall Plovdiv has 20,000 sqm of gross leasable area with 108 units, and is almost fully let. There are 650 parking spaces.

The sale process attracted both local and international investors, Forton said. The property has a prime location and generates stable cash flows. In 2014, the mall’s holding company M.O.P. Real Estate posted a loss of BGN3.8mn (€1.9mn) on rental revenues of BGN11mn. The EBIT was positive BGN1.7mn.

Avestus Capital Partners manages €2bn of real estate assets in seven European countries. The firm’s investors are based mainly in Europe and the US and include institutional, family office and high net worth investors.

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