AVESTUS CAPITAL Partners, the Dublin-based property investment firm which took over the asset management business of Quinlan Private, has sold the Mall of Sofia in the Bulgarian capital.

The shopping centre has been purchased from Avestus and GE Real Estate by London private equity fund manager Europa Capital for more than €100 million.

The sale generates a gain of more than €20 million to be shared equally by Avestus and GE, according to a source close to the Irish property company.

The partners invested €80 million to acquire the property. The beneficiaries of the deal include Irish clients of Avestus, whose principals co-founded Quinlan Private with financier Derek Quinlan.

Income generated since taking ownership of the centre in 2006 was used to reduce debt and pay dividends to the shareholders.

The transaction is Europa Capital’s second investment in Bulgaria, according to Property Week, which reported the deal.

Avestus and GE Real Estate acquired a 50 per cent stake in the shopping centre from Israeli property development firm, AVIV and Israeli cinema operator, CCI, for about €37 million in August 2005.

They purchased the remaining 50 per cent when the centre was built in May 2006, taking their investment to €80 million.

Avestus will continue to manage the property following the sale which was financed by the existing lenders, Hungary’s OTP and its Bulgarian subsidiary, DSK.

The shopping centre has more than 130 stores. Mango, Esprit and Benetton are among the tenants in the 254,000 sq ft centre.

There has been little activity in the Bulgarian property market over recent years as the main lenders in the country include Greek banks which have struggled as a result of the financial crisis.