Big enters Bulgaria: acquires 7 properties for €223 million
Big, controlled by the Naftali brothers, enters Bulgaria for the first time and acquires seven open shopping centers for €223 million. The deal will be carried out through its subsidiary CEE-BIG B.V. in stages, and includes properties in Sofia and other major cities, with a total leasable area of about 140,000 sqm and an expected annual NOI of €16.8 million.
Big Shopping Centers, controlled by the Naftali brothers (33%), enters the Bulgarian market for the first time. The company signed an agreement to acquire seven open shopping centers in Bulgaria for a total consideration of about €223 million. The transaction will be carried out through its subsidiary CEE-BIG B.V. In the first phase, three centers will be acquired, and over the next 18 months, four additional centers currently under development. Two of the centers are located in Sofia, and the rest in major cities across Bulgaria. The total gross leasable area (GLA) amounts to about 140,000 sqm, expected to generate an annual NOI of about €16.8 million. Big notes that the move aligns with its strategy to expand in the Balkans and Eastern Europe, leveraging its experience and relationships with international retail chains. Big currently operates in Poland, Montenegro, and Serbia, with 99% occupancy and revenues of about NIS 233 million in the first half of the year.