Schoenherr has advised Kronberg International on the acquisition of Mall Varna EAD from Raiffeisen Bank International AG. Deloitte Legal advised RBI on the deal, which closed in Q2, 2017. The purchase price was not disclosed.
Mall Varna EAD is the sole owner of Mall Varna, which is located in the center of Varna, the third largest city and seaside resort in Bulgaria. Mall Varna is a shopping center with 32 thousand square meters of gross lettable area. The total built-up area is 65 thousand square meters, with around 150 retail stores, international food chains, multiple cinemas, a popular family entertainment center, and a fitness club. The shopping center features five above-ground floors, including one floor with office spaces and three underground levels with a total of 600 parking spaces.
According to Schoenherr, Kronberg International, which was founded in 1989, "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."
"We were excited to support Kronberg International on this highlight transaction," commented Schoenherr Bulgaria Managing Partner Alexandra Doytchinova, who led the firm's team on the deal. "Mall Varna is a landmark property, not only in the region, but also on the Bulgarian retail market." Doytchinova was assisted by Attorneys at Law Elena Todorova, Ivelina Vassileva, and Stela Pavlova.
The Deloitte Legal team consisted of Managing Partner Reneta Petkova, Senior Associate Kaloyan Yordanov, and Attorney at Law Yoana Zhechkova.