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Delta City. Credit: BIG CEE

BIG CEE acquires Delta City mall in Montenegro for €95 million

BIG is expanding its operation in Eastern Europe and the Balkans by acquiring their first property in Montenegro: Delta City mall, located in the capital Podgorica.

BIG Shopping Centers reports this morning that the subsidiary CEE-BIG BV, which is 95% owned by BIG, has signed an agreement to purchase Delta City mall located in Podgorica, Montenegro, at an agreed value of €95 million, of which €57 million will be financed by a bank loan.

Hay Galis, CEO of BIG Shopping Centers, says: “We are acquiring strategic properties in the region, in line with the company’s expansion strategy for the Balkans and Eastern Europe. BIG continues to locate strategic assets in order to expand its commercial power. Delta City Podgorica is the one of the most powerful assets in the country and one of the most powerful commercial facilities in the Balkans. It is fully leased and many leading international retail chains are interested in joining it.”

“We at BIG are looking forward to merging the mall into the group and enhancing this excellent property”, states Lev Weiss, CEO of BIG CEE who is leading the operations in Serbia and the Balkans.

The shopping center has 24,500 sq m GLA of commercial space, 1000 parking spaces and and occupancy rate of about 100%. It is anchored by ZARA, Pull & Bear, Bershka, Mango, Nike, Tommy Hilfiger, New Yorker, Pandora, Under Armor, Replay, Springfield and many other brands, accompanied by Cineplexx multiplex cinemas and a children’s entertainment area.