Plaza Centers buys controlling stake in Sofia project

The Dutch-registered property developer that focuses on Central and Eastern Europe, said that it acquired 51% stake in a 75 000 sq m project in Sofia.

 Plaza payed 2.78 million euro and took
on 4.36 million euro worth of debt. The local developer will retain
the remaining stake as joint venture partners in the project, with
Plaza managing the construction, the company said.
"The site
is ideally located at a main junction, 2.7 km from the centre of
Sofia. The gross development budget for the project is expected to be
75 million euro, with construction anticipated to commence in
2010."
It will be Plaza's second project in Bulgaria, after
the company bought a 20 000 sq m shopping centre development project
in Shoumen in November 2007.