• THE COMPANY ACQUIRED THE STAKE OF GE CAPITAL REAL ESTATE IN THE SHOPPING CENTER
• FORTON/ CUSHMAN&WAKEFIELD LED THE SALE PROCESS
Following a sale process in the later part of the last year, real estate investor Avestus Capital Partners took full ownership over Mall Plovdiv. Forton, alliance partner of Cushman & Wakefield for Bulgaria and Macedonia, represented the interest of the seller, GE Capital Real Estate.
Prior to transaction closing in the end of January the two companies held equal stakes in the project.
Mall Plovdiv is the first shopping center and for the time being – the sole operational modern retail project in the second largest Bulgarian city. The development includes 20,000 sqm gross leasable area with 108 units and 650 parking spaces. Its occupancy rate is close to 100 per cent. Anchored by Cinema City, the project provides a selection of international and local fashion, shoe and sports brands such as H&M, Bershka, NewYorker, Pierre Cardin, Adidas, Scandal, MDL Week&Shop, Sport Vision. Thanks to its prime location and professional management Mall Plovdiv is renowned as well-performing development, generating stable cash flows. Its preeminent position attracted both local and international investors to the sale process.
„After the series of distressed transactions over the last two years the acquisition of Mall Plovdiv demonstrates that investor interest shifts to the prime end of the market. We expect that this positive trend will spread to other market segments“, commented Yavor Kostov, Head of Capital Markets inForton/Cushman & Wakefield.
The decision of Avestus Capital Partners to acquire Mall Plovdiv is based on the improving environment and their confidence in the project. With the acquisition of GE Capital Real Estate stake in Mall Plovdiv Avestus Capital Partners is strengthening its leading position in a generally undersupplied market.
Avestus Capital Partners is a leading real estate private equity investment and asset manager with headquarters in Dublin, Ireland. The Company is a vertically integrated real estate operator with expertise in all aspects of real estate from development to sale, including: acquisition and financing, project development and construction management, asset and property management, reporting and investor relations. Avestus manages €2 billion of real estate assets located in seven European countries, through a combination of syndicated investments, joint venture arrangements and commingled funds, on behalf of a diverse group of institutional and private equity investors.
GE Capital Real Estate is an extension of GE's rich heritage of building and supporting growth. Founded in 1973, the company invested in the commercial real estate sector and with debt & equity activities across North America, Europe and Asia-Pacific. Currently, GE Capital focuses on developing itself as industrial and technology company with businesses in essential infrastructure industries.