New Blagoevgrad Mall To Cost 36m Euro

Dutch-registered Redstone Holdings, a real estate manager and developer with properties in Bulgaria, Russia and Ukraine, announced plans to build a new shopping centre in Blagoevgrad, south-west Bulgaria, the company said.

The 36 million euro investment will have a total built area of 48 000 sq m and 20 000 sq m of commercial and retail space, the company said in a statement. The centre is scheduled to open in 2011, and it will house leading international and local brands.

Despite claims from Redstone that this will be the only mall-type shopping centre in town, another development, named Mall Blagoevgrad by local investor Universal Stroi Konsult, opened doors just a year ago.

The new centre will be in close proximity to the Sofia – Koulata highway, and the already existing stores of the chains such as Mr. Bricolage and Technomarket Evropa.

According to Redstone and the local administration, a diverse city like Blagoevgrad, with great number of college students, would only benefit from a modern shopping centre that offers amusement and a boost to the local economy. Close to two thousand jobs are expected to have a positive impact on society, the company said.

Peleg Architects did the design of the mall, with Forton International contracted to rent out the mall's premises. Redstone, in which private equity firm Englefield Capital owns 40 per cent, is yet to pick the construction company that will build the mall.