Pfohe-Mall Building Expected to Cost 9 mln Euro

Pfohe-Mall Building Expected to Cost 9 mln Euro

Total investment in the building of Pfohe-Mall is expected to reach 9 mln euro, a registration prospect of Luke REIT-Sofia, the builder of the commercial and entertainment center, filed to BSE shows.

The center includes shopping area, restaurants, etc. situated on a built up area of 26,000 sq.m, 18,200 sq. m of which will be occupied by shops, 1,300 sq.m. – by restaurants and bars, and 6,500 sq.m. will be common areas.

The management expects costs per sq.m. to amount to 346 euro. According to plan the building is to be completed in December 2007.

16.1 mln leva will come from credit with a 72-month repayment term, while the remaining 2 mln leva will come from the capital of the company and the initial increase of its capital.

The company’s management expects 60% occupancy of the shops and 100% occupancy of the restaurants and bars in the beginning. By 2010, 93% of the shops and 100% of the restaurants and bars are expected to be rented. The rent in Pfohe-Mall will be 40 euro/sq.m for shops and restaurants.

Karl-Heinz Hans Hugo Walter Pfohe and Philip Michael Pfohe hold 40% and 35% of the capital of Luke REIT-Sofia respectively. No transactions with the shares of the company have been made since its BSE-Sofia listing on 1 December 2006.

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