Globe Trade Center to build €77 mln mall in Bulgaria

The mall in the Black Sea port of Varna will have a net rentable area of 37,000 square meters and will be finished by end-2009.

The Galeria Varna mall would be built in the Mladost
district of the city, as a joint venture with local businessman Toni Ikonomov,
who owns the land on which it will be built. After the construction is
concluded, the Polish company will own 65% of the mall, and Ikonomov the rest.
It estimates annual revenues of €9,5 million ($12.7 million) from renting out
the property.

GTC has operations in nine Eastern European countries and
said last month it agreed on terms for the acquisition of two other retail
projects in large Bulgarian cities.