ACQUISITION
MAS expands Eastern Europe footprint with two malls in Bulgaria
European-focused MAS Real Estate has expanded its presence in Eastern Europe with the purchase of two shopping centres in Bulgaria in a deal worth about R883m. The group announced it would acquire the malls for €62m from Globe Trade Centre and European Bank for Reconstruction and Development. The Galleria Burgas and Galleria Stara Zagora malls were located in the cities of Burgas and Stara Zagora respectively. "This transaction is in line with our plans to expand into markets with growing economies across Central and Eastern Europe by acquiring accretive income-generating assets with real upside potential through our joint venture with Prime Kapital," MAS Real Estate CEO Lukas Nakos said. "The transaction increases our income-generating property portfolio by 15.3% from €406.4m to €468.4m," he said. Galleria Burgas is the dominant shopping centre in Burgas, the country’s fourth-largest city with a population of 200,000. The mall is fed by a catchment area of about 480,000 people with...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.