Europa Capital has agreed to pay €20m on behalf of the Europa Emerging Europe Fund for Retail Park Plovdiv, in Bulgaria, to Landmark Property Management.
The deal, Europa’s debut in Bulgaria, reflects a yield of more than 9.5%.
The asset is a 25,000 m2 retail warehouse park located in Plovdiv, the second-largest city in Bulgaria, some 150km south-east of Sofia. The property has tenants such as Baumax, Deichman Shoes, DM pharmacy, Technomarket electronics and Sport Depot.
Alfa Property Management will manage the retail park.
In 2008, Europa Capital raised cash for two new investment funds for European property investment, Europa Fund III and Europa Emerging Europe, which invests in eastern Europe. Together, these funds give Europa Capital €895m of equity to invest.
