Real estate investment fund Revetas Capital Advisors, which has acquired the Sofia City Center shopping mall in the Bulgarian capital city, plans to make further acquisitions in Bulgaria, website Investor.bg reported on July 10.
Investor.bg reported the change in Sofia City Center’s ownership earlier this week, saying that the financial details of the deal were not made public. Revetas did not give any further details about its planned acquisitions in Bulgaria either.
Revetas Capital Partners, which specialises in buying distressed real estate assets throughout Central and Eastern Europe, plans to revamp and rebrand the shopping mall, the report said.
Despite its prime location, the shopping centre has struggled to keep up with the rest of the competition on the Sofia commercial real estate market and has been dogged by problems – including tenants protesting against high rental prices – even before the global financial crisis put a dampener on household consumption in Bulgaria.
The shopping mall’s previous owner, real estate management firm Heitman, bought City Center Sofia from Equest Balkan Properties in 2008 for 101.5 million euro. City Center Sofia will join Revetas’s existing retail platform, Park Centers, Investor.bg reported.
(City Center Sofia. Photo: Apostoloff)