Mitiska REIM has entered into a joint venture partnership with Park Lane Developments to develop retail parks in Bulgaria.
Park Lane Developments develops and manages prime office, logistics/light-industrial, and retail-park assets in Bulgaria and across CEE. Park Lane is part of AG Capital, a commercial and residential real-estate investment group operating in Bulgaria, Romania, and Poland.
According to Mitiska REIM, “under the joint venture, Mitiska REIM and Park Lane 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 new Hadzhi Dimitar development is expected to feature more than 20 retail units, food-anchored by a Lidl supermarket, with a total gross leasable area of 14,000 square meters. According to Mitiska REIM, “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 addition, Mitiska REIM asserts, “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.”
“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,” commented Tomas Cifra, Mitiska REIM’s Managing Director for Romania, Czech Republic, Slovakia & Bulgaria. “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.
Image source: www.mitiska-reim.com