"We regard retail in a rapidly growing economy such as Bulgaria a compelling investment opportunity," says Peter Donnelly, a principal of Quinlan Private, in a release announcing the Plovdiv pact. The asset should be further enhanced, he says, from ascension into the European Union, increased investment among foreign players and needed infrastructure upgrades.

Dublin-based Quinlan Private will continue to identify and acquire "similarly attractive assets" in Bulgaria, says Donnelly, whose firm is acting on behalf of several investment funds. Quinlan Private and GE share a 50/50 ownership platform in the Plovdiv property, similar to the deal in Sofia. The partnership declined to provide any financial details on the latest investment, but one estimate puts the transaction at more than $60 million.

Both the Mall of Plovdiv and the Mall of Sofia in Bulgaria's capital city were purchased from a development team of Ocif and CCI. The retail market of Plovdiv is undersupplied with modern retail facilities, according to GE Real Estate managing director Karim Habra, who oversees the Stamford, CT-based group's Central and Eastern Europe division.