Park Lane Developments and Mitiska REIM have announced the formation of a joint venture to develop retail parks in Bulgaria.
The two companies plan to develop and open at least five retail parks in Bulgaria over the next five years, with Park Lane overseeing their operational management. According to a Park Lane press release, “the shopping parks’ proposition is based on convenience, essential shopping and value for money, featuring easy access, ample free parking, a variety of stores offering a wide range of products and services, such as fitness facilities, and dining options. A large grocery store will serve as a key anchor in each park.”
In April, Park Lane acquired its first land plot at 7 Rezbarska St. in Sofia’s Hadji Dimitar district, where it intends to build stores with gross leasable area of over 14,000 square meters. This property will include a Lidl supermarket (as key anchor) and over 20 other stores, offering a variety of goods and services.
According to Park Lane, “the park will be built with environmental sustainability in mind, aiming for BREEAM certification with an ‘Excellent’ rating for buildings in use. The parking lot will feature landscaped areas with tall trees, charging stations for electric cars, and bike racks.”
The project is being developed by the Planning Design Studio of architect Ilian Iliev, with supervision by MMV Engineering. Wolf Theiss Bulgaria is serving as legal advisor.
“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,” commented Park Lane Developments Managing Partner Tanya Koseva-Boshova.” 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 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,” added Tomas Cifra, Managing Director of Mitiska REIM for Romania, Czech Republic, Slovakia, and Bulgaria. “We look forward to working in partnership with the Park Lane team to capitalize on this opportunity.”
Image source: Mitiska-reim.com
