Under the agreement, the two companies plan to develop and open at least five prime retail parks in Bulgaria over the next five 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 park will have a leasable area of 14,000 sqm and will target the BREEAM Excellent certification. 

“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,” said Tomas Cifra, Mitiska REIM’s Managing Director for Romania, Czech Republic, Slovakia & Bulgaria. 

Tanya Koseva-Boshova, Managing Partner at Park Lane Developments, added that the partnership will bring international knowledge in the Bulgaria retail market. 

Park Lane is part of AG Capital, a commercial and residential real estate investment group operating in Bulgaria, Romania and Poland. 

Mitiska REIM has raised five funds and built a portfolio of 92 properties representing around 1.2 million sqm over the past 12 years.