Schoenherr advised Kronberg International on the acquisition of Mall Varna from Raiffeisen Bank International.
Closing took place in Q2 2017 and the parties have agreed not to disclose the purchase price.
Mall Varna is a landmark property, not only in the region, but also on the Bulgarian retail market. Mall Varna is located in the centre of Varna, the third largest city and seaside resort in Bulgaria. It is a shopping centre with 32.000 m2 gross lettable area (GLA). The total built-up area is 65.000 m2 with around 150 retail stores, international food chains, multiple cinemas, a popular family entertainment centre, and a fitness club.
The shopping centre features five above-ground floors including one floor with office spaces and three underground levels with a total of 600 parking spaces.
Founded in 1989, Kronberg International invests alone or with national and international investment partners in real estate projects. The investments entail individual properties, real estate portfolios, real estate companies in the residential and commercial markets, as well as on non-performing loans.
The Schoenherr team which advised Kronberg International consisted of Alexandra Doytchinova (partner, corporate/M&A); Elena Todorova (attorney at law, real estate); Ivelina Vassileva (attorney at law, labour & employment); and Stela Pavlova (attorney at law, corporate/M&A).