Big Shopping Centers Buys Seven Bulgarian Malls for 223 Million Euros
Translated & summarized from Calcalist by baba
Israeli company Big is purchasing seven shopping centers in Bulgaria for 223 million euros. The deal, to be completed pending regulatory approval, includes three operational centers and four under development. Big expects the acquired properties to generate 16.8 million euros in annual net operating income and aligns with its expansion strategy in Eastern Europe.
The story in 6 lines · by baba
- Big Shopping Centers is acquiring seven Bulgarian commercial centers for 223 million euros.
- The deal includes three operational centers and four currently in development.
- Big expects the acquired centers to generate 16.8 million euros in annual net operating income.
- The acquisition is subject to approval from the Bulgarian Competition Protection Commission.
- Financing will come from a mix of bank loans and Big's own resources.
- The purchase supports Big's strategy to expand in the Balkans and Eastern Europe.
The Israeli shopping center group Big is acquiring seven commercial centers in Bulgaria for approximately 223 million euros. The company has signed a binding agreement to purchase full ownership of the seller's stakes in seven open-air retail centers across Bulgaria. The acquisition will be carried out through Big's subsidiary, CEE-BIG B.V., in which Big holds about a 95% stake.
Completion of the deal and transfer of ownership for each of the seven centers is contingent upon meeting certain conditions, including obtaining approval from the Bulgarian Competition Protection Commission. Big plans to finance up to 60% of the transaction through local banks, with the remainder funded from its own resources.
Initially, Big will acquire three operational commercial centers. Over the subsequent 18 months, the company will purchase four additional commercial centers currently in development. These future centers will be launched under the "Big" brand. Two of the acquired centers are located in the capital city of Sofia, with the rest situated in other major Bulgarian cities.
The total leasable area across all seven centers is estimated at approximately 140,000 square meters. Big anticipates these acquisitions will generate an annual Net Operating Income (NOI) of around 16.8 million euros. This transaction aligns with Big's strategy to expand its operations in the Balkan and Eastern European countries, where it already operates commercial centers and benefits from established relationships with retail chains and business owners in the region.