U.S. Heitman buys City Centre Sofia Mall for EUR 101.5 million
23 September 2008
U.S. real estate investment management firm Heitman European Property Partners III acquired City Centre Sofia Mall from Equest Balkan Properties for EUR 101.5 million, according to media reports. Equest Balkan Properties (EBP) has entered into a share purchase agreement with Heitman for the sale of Lerma BV, owner of Auriga EAD, which is the owner of the shopping centre. Completion is expected in November.
The new owner will pay out a EUR 64 million mortgage debt and a further EUR 37.5 million in cash upon finalizing the contract.
EBP will use the sale proceeds to fund other projects and repay bank loans.
According to sources, the U.S. company is also eyeing other projects in Bulgaria.
Heitman's portfolio stands at USD 22.8 billion.
International Property News
BBC Latest News