A project for the construction of the first shopping center in Targovishte – Targovishte Park was presented today by investor Greenfield Bulgaria.

One of the main reasons for the construction of the shopping center is that no major retail chain has stepped on the market, even though the town's economy has been developing very well in the past several years.

The complex will be situated on the Ring road, some 20-25 min drive from the city downtown. It will serve a population of 170,000 people, said Valery Vasilev, Greenfield Bulgaria managing partner.

The center will be built on a 93,000 sq m plot and its total-built-up area will be 43,000 sq m. The projects comprises a two-storey shopping mall with TBA of 15,000 sq m, a supermarket and several other stores.

Investors are hoping the project will attract large retail chains to the city.

Rents will run at 8-10 eur/sq m for the larger stores and between 12 and 20 for the smaller ones, said Pavlina Nikova, commercial space manager in Forton International, the company responsible for the management of the commercial park.

The investment is expected to top 40 million euros, most of which own funds, but negotiations with a large Bulgarian bank are also on their way.

The project is currently at a preliminary design stage. The investor expects to receive construction license by the end of the year and to open doors by March 2010.

Although marketing has not started yet, some 20% of the shop areas have already been leased out. Several investment funds have expressed interest in the project one of which form Western Europe.

Targovishte is the last district city in Bulgaria without a shopping mall and the investor believes the city has a lot of potential.

A little over 400 mln euros was invested in Targovishte's infrastructure in the past four-five years, according to mayor Krasimir Minev.

Large investments have been in the food industry and agriculture.

Trakiya Glass has invested 250 mln dollars and is currently adding another 300 mln dollars for the construction of four glass factories, two of which already completed.

Other large investments include an automobile windshields plant and the Yasaki factory for Renault equipment.

Greenfield is an investment company operating also in Serbia, Croatia, Montenegro and Romania.