Belgian retail property investor Mitiska REIM has joined forces with Park Lane Developments to develop retail parks in Bulgaria.
Park Lane is a Bulgarian commercial property developer of prime office, logistics/light-industrial, and retail park assets in Bulgaria and the CEE region. The company is part of AG Capital, a commercial and residential investment group operating in Bulgaria, Romania and Poland.
The partnership aims to develop at least five prime retail parks within the next five years. The joint venture has already secured land in Sofia's Hadzhi Dimitar district for their first project, slated to open by the end of 2025.
Located on a main road close to the city center and residential areas, Hadzhi Dimitar will boast over 20 shops, anchored by a Lidl supermarket, and offering a combined retail space of 14,000 m2. Shoppers can expect a diverse mix of both local and international brands, offering fashion and homeware, in addition to a pharmacy and a food court.
Tomas Cifra, Mitiska REIM’s managing director for Romania, Czech Republic, Slovakia & Bulgaria, commented: ‘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, added: ‘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 new retail park will be designed to achieve BREEAM "Excellent" certification and include eco-friendly features such as electric vehicle charging points and bike storage.
The Hadzhi Dimitar project is being designed by Planning Architectural Studio led by architect Iliyan Iliev, with construction by MMV Engineering and legal support provided by Wolf Theiss Bulgaria.
