Interservice Uzunovi, Miller to team up for retail park project

Varna-based company Interservice Uzunovi said it will develop a retail park in the coastal city in partnership with Miller Developments, a UK commercial property development company, It was announced on Monday that Miller had paid 120 mln euro to buy the Mall Varna development from Interservice Uzunovi. Miller Developments will pursue local opportunities on the retail park and shopping mall segments, said a Miller executive in charge of retail. According to Interservice Uzunovi, the two partners will set up a joint venture to invest in a retail park near Varna once Mall Varna is completed in March 2008. Miller Developments will assume ownership of Mall Varna after it is completed and commissioned for active use by the regulatory authorities. Interservice Uzunovi has undertaken to secure 80% of the mall tenants. Some 76% of the retail space has been prelet, said Valeri Valchev from Forton International which has the exclusive agency contract. The mall will be anchored by a Piccadilly supermarket and a 1 300-seat, eight-screen Arena multiplex cinema. It will also feature an outlet by youth apparel maker NewYorker and an 800 sq m ice rink. Cushman&Wakefield will be in charge of the operative management of the mall