Poland’s GTC Group buys Mall of Sofia
Polish real estate developer and investor GTC Group said on April 27 that it has acquired Mall of Sofia and the adjacent Sofia Tower office building from Europa Capital.
The company said that 65 per cent of the acquisition price would be financed by Hungarian bank OTP and its Bulgarian subsidiary DSK, but did not give further details. Reports in Bulgarian media said the purchase price was in the 94-95 million euro range.
For GTC Group this represents a return to the commercial real estate market in Bulgaria, after the developer sold its Galleria shopping malls in Bourgas and Stara Zagora.
It also has office building in Sofia’s Mladost 4 neighbourhood, Advance Business Center I, under construction and has plans to build a second office building in the same area.
For Mall of Sofia, the first shopping mall built in the Bulgarian capital city, this is the third ownership change in the past decade. Ths was also the fourth transaction involving a shopping mall in Sofia over the past year, with the Serdika Center, Paradise Center and The Mall all changing hands in recent months.