Membres
Mitiska REIM and Park Lane Developments form retail park joint venture in Bulgaria
Mitiska REIM, the leading specialist investor in European convenience real estate, has today announced on behalf of the MEREP 3 fund a joint venture partnership with Park Lane Developments to develop retail parks in Bulgaria.
Park Lane Developments is a leading commercial property company which develops and manages prime office, logistics/light-industrial, and retail park assets in Bulgaria and the CEE Region. Park Lane is part of AG Capital, a leading commercial and residential real estate investment group operating in Bulgaria, Romania and Poland.
AG Capital is a prominent real estate group with operations and investments in Bulgaria, Romania, and Poland. Founded 30 years ago, its diverse portfolio includes development companies such as Park Lane and Lion’s Head (focused on business properties) and BLD and Ultima (specializing in residential properties). Recently, AG Capital acquired BPD, one of the largest logistics companies in Bulgaria. The group also collaborates with leading institutional investors like Mitiska REIM, Old Mutual, IFC, and Apollo Global Management. https://agcapital.bg/
Under the joint venture, Mitiska REIM and Park Lane plan to develop and open at least 5 prime retail parks in Bulgaria over the next 5 years. The JV has already acquired its first land plot in the Hadzhi Dimitar district of Sofia to develop a retail park which is scheduled to open by the end of next year.
The new Hadzhi Dimitar development will feature more than 20 retail units, food-anchored by a Lidl supermarket, with a total gross leasable area (GLA) of 14,000m2. The tenant mix will comprise a range of national and international brands offering clothing, shoes and home goods, in addition to services such as pharmacies and a food court.
In terms of sustainability, the new retail park will be designed to achieve an “Excellent” score on the BREEAM scale and will feature landscaped parking areas, charging stations for electric vehicles and bicycle racks.
Tomas Cifra, Mitiska REIM’s Managing Director for Romania, Czech Republic, Slovakia & Bulgaria, comments: “The Bulgarian market offers significant opportunities in the retail park sector – shoppers’ disposable income is rising, consumer spending is increasing, and retailers are looking for modern and sustainable retail space to meet this demand. We look forward to working in partnership with the Park Lane team to capitalize on this opportunity.”
Tanya Koseva-Boshova, Managing Partner at Park Lane Developments, adds: “Our partnership with Mitiska REIM is an excellent opportunity for us to expand our activities and bring international know-how to the retail park market in Bulgaria. We aim to create convenient, pleasant spaces for people that are within easy reach. As with our other projects, we strive to adhere to high standards for sustainable development with care for the environment.”
The Hadzhi Dimitar project is being designed by Planning Architectural Studio led by architect Iliyan Iliev, with construction by MMV Engineering. Legal advice on the transaction was provided by Wolf Theiss Bulgaria.
About Mitiska REIM
Mitiska REIM is headquartered in Belgium and is Europe’s leading specialist investor in convenience real estate, comprising retail parks, multi-let light industrial, self storage and urban logistics projects. The company’s investment focus capitalizes on the converging trends across these sectors and the increasing demand for urban infill sites from a growing range of end-users that offer accessible locations, affordable buildings, flexible design and sustainable solutions.
Mitiska REIM’s investment model is partnership-driven, positioning itself as an active, value-adding investor, in collaboration with experienced local co-investment partners in respective geographies. Its approach is to unlock opportunities and drive superior value creation through the execution of development projects and value-add acquisitions with subsequent active asset management.
Mitiska REIM recognizes that achieving sustainable urban growth is an important issue and that ESG factors play a crucial role in being a responsible fund manager, and are a key driver in creating long-term value for all our stakeholders and for society by making our business and our managed assets ‘future-proof’. To read Mitiska REIM’s most recent ESG Report, please click this link.
Over the past 12 years, Mitiska REIM has raised 5 funds and built a portfolio of 92 properties representing +/- 1,200,000m² gross leasable area across Belgium, The Netherlands, France, Germany, Spain, Portugal, Romania, Poland, Czech Republic, Slovakia and Bulgaria.
Mitiska REIM is a licensed alternative investment fund manager (AIFM) supervised by the Belgian regulator FSMA (www.fsma.be).
About Park Lane Developments
Park Lane Developments is a commercial development company which builds and manages prime office, retail and logistics real estate assets. Park Lane’s flagship projects include the iconic Class A Park Lane Office Center and Aya Business Center and the redevelopment of Sofia’s historic landmark Polygraphia Office Center.
Park Lane currently operates in Sofia, Bulgaria and is considering expansion to the CEE commercial property market with a variety of construction, management and built-to-suit services.
Park Lane is part of AG Capital – a leading real estate investment group in Bulgaria. The company is established on the strong foundation of the group’s expertise in commercial real estate development and asset management.
For additional information contact:
Park Lane Developments
communications@!hinv.eu
0728 10 99 07
