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The Shopping center was opened on 25 November 2010. The Office center will be open in July 2011 The Project has total built-up area (TBA) of 83 000 m2Office center will be open in July 2011. The Project has total built up area (TBA) of 83 000 m2, which includes: A shopping mall with gross leasable area (GLA) of 29 000 m2, of which 8 000 m2 entertainment and leisure area (including bowling, kid’s area, dancing studio, ping-pong hall, spa and fitness center), restaurants (including a panoramic revolving restaurant on the top of) fthe Eastern tower, overlooking the city) and cafes. Class A offices with GLA of 18 000 m2 office area plus 3 000 m2 leasable parking area. Parking spaces for 800 cars. Excellent location – situated at the major crossroad in Varna, the project is within 10 min. drive to more than 400 000 people. Varna is currently the second largest city in Bulgaria and is growing to more than 1 Mil. people in the summer with local and foreign tourists. Varna is the largest city on the sea side and a major cultural, tourist, economic and transport center, with international airport and seaport. Helicopter landing pad on the top of the Western tower and revolving panorama restaurant Varna Towers is a mixed use project offering more than 50 000 m2 of retail and office area in the Helicopter landing pad on the top of the Western tower and revolving panorama restaurant on the top of the Eastern tower. Minimal market risk – currently, the retail area of Varna Towers is 87% leased, with RODA food hypermarket, fashion brand names Koton, Collezione, LC Waikiki, Max Sport, Chippolino kids and Densi electronics are anchor tenants. The office area is 92% leased with large multinational companies. E.ON Bulgaria signed contract for 75% of the office areas. No construction risk – the project is finished with some minor finishing works still going in the offices. The Developer has retained King Sturge/London (for international retail brands), Colliers Iil(f ffi ) d G P Sl i (f ll il bd) li second largest city in Bulgaria, Varna The Shopping centre was opened on 25 November 2010 Currently 87% of the mall’s GLA is leased; negotiations for the remaining area are running International (for office area) and Go Property Solutions (for local retail brands) as letting consultants for the Project’s retail and office areas. Co-investors in the Project are Densi M Ltd, a well established local developer, and City Center Varna Ltd. The Investors are owners of equal shares stacks in Varna Towers LTD. |