Local company Aladin said it has began buying land for the construction of a retail complex in Pleven, Northern Bulgaria.
The developer has already acquired a 1,045 sq m lot in the 1.7 ha patch of land where the scheme will be sited.
Aladin intends to team up with other investors for the project with unnamed price tag.
The area where the retail center will be built has attracted a number of foreign investment funds, elevating asking sale prices for undeveloped land to around 50 euro/sq m, said Pleven area realtors.
One large-scale property listed for sale in the vicinity is a former foundry with a built-up area of 4,000 sq m. The property, valued at 2.5 mln euro, has caught the eye of an unnamed investor with plans for a shopping mall, said a Pleven-based real estate agency.
Aladin is currently building Mall Pleven in the city. It should open for business in 2009.(Dnevnik)
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