Riofisa to invest EUR 215 mln in Bulgarian mall

Riofisa, the Spanish shopping centre developer, is to invest EUR 215 mln in the company's 2nd shopping and entertainment project in Bulgaria. The 90,000 m[sup]2[/sup] centre with 2,600 parking spaces will be built in Bulgaria's second city Plovdiv, as part of a large development which includes a hotel, offices and a residential area. Riofisa forecasts the centre will generate EUR 20 mln in its first year, purely from the rental of the retail units. It did not give a figure for the expected income from the residential and office space. Construction work is due to begin in 2007 and the first phase should be completed in 2009.

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