UK firm makes Bulgaria investment

Miller Developments has announced the purchase of Bulgaria's Mall Varna for EUR120 million (GBP101 million), it has emerged.

The 33,000 sq m site, which is the country's largest new retail and leisure development, is located in Varna, Bulgaria's second biggest city.

Keith Miller, chief executive of the Miller Group, stated that the firm expects the retail market in the country to grow, despite the current economic climate.

"Mall Varna is an impressive addition to our portfolio and the investment is part of the group's ongoing strategy to expand its presence in Europe," he explained.

Property investors may wish to follow Miller's example and also invest in property in the city, which has a population of 460,000 and is the country's leading tourist destination.

Elsewhere in the country, holiday homes in the Super Borovets ski resort could be of interest to overseas property developers.

The site has been singled out by BuyAssociation as an ideal location for making a property purchase.