Investment fund European Convergence Development Company (ECDC) seeks a way to sell its projects for a retail park in Bourgas. Except for it the fund has shares in two malls in Bulgaria- Galleria Plovdiv and Mega mall Rousse, as well as in another planned retail park near Sliven.

Because of the weak property market, however, the value of property held by it reduced for a consecutive year.

Retail park Kraimorie near Burgas is a joint ECDC’s project with the Plovdiv company Sienit. The fund has a share of 60 % in it. The rest 40 % are owed by the construction company, but are but are pledged as security for an internal loan from ECDC.

Construction of the park began in 2007, but afterwards was frozen. The planned investment was assessed to EUR 60 million. It was not made, so now the basic asset is land, assessed to EUR 41 million. The total assessment of the project varies on whether Sienit will repay its loan to ECDC or not.

This News is listed at news.Guide-Bulgaria.com

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