About us
AG Capital is a leading commercial and residential real estate investment group in Central and Eastern Europe, with assets under management exceeding €850 million.
Founded in 1993, the Group today comprises some of the most recognized real estate brands in Bulgaria and Romania, and is actively shaping and expanding its business lines across the wider CEE region.
With extensive experience spanning more than three decades in the real estate industry, AG Capital has established a strong track record in building trusted partnerships and long-term relationships with institutional investors, private equity funds, and real estate investment companies.
CORE BUSINESS LINES
We are focused on three core business lines:
Property Development
Residential and commercial development
Property Investment
Investment, asset, and property management
Real Estate
Consultancy
Our business is comprised of 9 fully independent platforms, each governed by its own distinctive identity, value proposition, and area of expertise. As a Group, we have 470 000 sqm of logistics and office space under management and are advancing a pipeline of more than 500 000 sqm currently under development.
As a future area of opportunity, AG Capital is embarking on a strategic expansion into data center infrastructure and developing power-ready land, to further diversify our portfolio by targeting this high-growth sector. This move focuses on generating stable, long-term returns, while addressing rising demand for cloud computing and AI within the digital economy.
OUR PEOPLE
We build trusted partnerships and strategic relationships with people who share our vision.
With headquarters in Sofia and offices in Bucharest, Warsaw, and London, our team of investment, business development, and property management professionals is dedicated to delivering integrated services, cutting-edge expertise, innovative solutions, and industry best practice across all key areas of commercial and residential real estate.
Our senior leadership team brings extensive experience and deep knowledge of both local and regional markets, guiding the Group’s values and long-term objectives through a performance-driven corporate culture and a socially responsible approach to business.
PURPOSE AND VALUES
We are focused on delivering sustainable growth by developing projects across Central and Eastern Europe which unlock opportunities and create long-term value through creativity, innovation, and sustainability.
Our strategic approach is to build independent, competitive, and profitable real estate investment platforms which leverage our deep market knowledge, by establishing long-term relationships with both local and international investors.
We consistently pursue new business opportunities, focusing on delivering sustainable long-term value, and integrate ESG standards into our operations to support responsible growth and innovation across the Central and Eastern European residential, commercial, and investment property ecosystem.
CORPORATE JOURNEY
AG Capital’s corporate timeline reflects more than three decades of growth, innovation, trusted partnerships, and a commitment to professional excellence in real estate.
In 1993, Christo Iliev, then a young entrepreneur and second-year university student, established Address Real Estate as a residential brokerage company, with its first office opened in the Black Sea city of Varna.
The company expanded its operations significantly, achieving a top three position in the real estate brokerage market by 2000, with offices established in Sofia and across all major cities in Bulgaria.
By the end of its first decade, the company had begun to establish subsidiaries specializing in the residential, commercial, and hospitality segments. During this period, it became a leading innovator in the Bulgarian market by launching a franchise platform for partners, establishing a licensing and training academy, and introducing the first CRM system for real estate in the country.
In the early years of the new millennium, Address Real Estate operated a network of 25 offices across Bulgaria and initiated its international expansion.
The Group established new specialized portfolio companies and entered prominent international partnerships.
In 2009, BLD acquired the historic Polygraphia landmark building in Sofia, whose full renovation and transformation into an iconic office complex was completed in 2012.
The company received multiple industry recognitions, including two Superbrands Awards and the prestigious Bentley Award for Best Real Estate Investment Company. Credit Centre was also awarded Platinum Partner in Mortgage Loans by Eurobank Postbank.
Imoteka was established as a new, digitally driven approach to real estate brokerage, aimed at delivering customized solutions to clients.
AG Capital entered a partnership with Apollo Capital Management and the International Finance Corporation (IFC), part of the World Bank Group, to co-invest in secured corporate NPL portfolios and distressed assets in Bulgaria.
Lion’s Head was established in partnership with Old Mutual Property to invest in and manage core and core-plus office buildings across the CEE region.
2017 also marked the establishment of Park Lane Developments, a company specializing in the development and management of prime office and commercial properties.
Atland Investments was created as a boutique special situations investment company focused on acquiring distressed real estate and secured NPLs.
3P1 was founded to focus on PropTech initiatives and investments in property innovation and technology.
In the same year, all of AG Capital’s real estate advisory and brokerage operations were consolidated under the Realto Group brand, creating the largest network of over 700 consultants across Bulgaria.
Park Lane Developments completed the Park Lane Office Centre in June 2021, which was sold three months later to SAP, a global leader in enterprise software.
AG Capital expanded into a new commercial property segment through the acquisition of BPD, becoming the second-largest owner of industrial real estate in Bulgaria.
In the same year, BLD expanded internationally by opening an office in Warsaw and launching its first residential development project in Poland.
AG Capital entered the Romanian logistics market as Lion’s Head acquired a 155,00 sqm land plot in Bucharest for logistics development.
Following a joint venture between Park Lane Developments and Mitiska REIM, supported by EBRD, construction commenced on the first retail park under the Estrea Park brand, marking the Group’s entry into the retail property segment.
Memberships
At AG Capital, we collaborate with a number of local and international peer organizations and prominent professional associations both at corporate and individual leadership levels.
Success stories
that inspire.
AG Capital’s success stories reflect a consistent ability to identify opportunities, execute with precision, and deliver results through disciplined strategy and strong team expertise.
Bulgarian Land Development PLC
Bulgarian Land Development PLC, with CLS and AG Capital as major shareholders, was an AIM-listed company on the London Stock Exchange until 2010. Between 2006 and 2015, the company focused on developing residential and commercial real estate assets in Bulgaria.
Its portfolio included premium commercial properties, sea and ski holiday developments, as well as off-plan and completed residential units along the Black Sea coastline. Over time, the company became a market leader, acquiring over 200,000 sqm of land and selling more than 500 residential units.
Facility Optimum Bulgaria (FOB)
Established in 2008, Facility Optimum Bulgaria was created to explore new opportunities in the property management sector. As a fully integrated facility management company within AG Capital, it focused on delivering services to corporate clients nationwide.
The company became a market leader, employing over 1,000 people and servicing nearly 2,000 locations. Its client base included major organizations such as Postbank (Eurobank Group), A1 (Austrian Telecom Group), and United Bulgarian Bank (KBC Group).
In line with AG Capital’s strategic direction, FOB was sold in 2016 to funds managed by Empower Capital and KJK Capital, with revenues exceeding €5 million at the time of the transaction.
Frontex
Frontex was established in 2009 as part of AG Capital’s strategy to diversify its operations during the post-financial crisis period. The company became a leading provider of unsecured NPL services, offering debt collection solutions to institutional clients across banking, telecommunications, and insurance sectors.
Following equity investment from Axxess Capital in 2012, Frontex began investing in unsecured NPL portfolios.
As part of a strategic refocus on real estate, AG Capital exited Frontex in 2017. Axxess Capital became the sole shareholder, with PwC acting as the sell-side advisor. At the time, Frontex had invested in multiple portfolios, including 170,000 credit files with a nominal value exceeding €181 million.
Advance Valuations
Established in 2005, Advance Valuations developed into the largest valuation company in Bulgaria. With operations across 50 cities and more than 15,000 valuations conducted annually, the company delivered services across a broad range of asset classes.
Operating under RICS standards, Advance Valuations built a strong reputation in real estate, commercial enterprise valuation, receivables, machinery and equipment, agricultural land, forests, and intangible assets.
In 2017, AG Capital sold 100% of the company to Weston Growth Capital.
Polygraphia Office Center
Polygraphia Office Centre was initially developed as a joint venture between BLD PLC and Northridge Capital, focused on redeveloping a historic landmark in central Sofia.
In 2011, BLD PLC exited the investment, selling its stake to AG Capital and Northridge Capital. The project achieved 96% occupancy in its first year of operation in 2012, despite the challenging post-financial crisis environment.
AG Capital subsequently expanded the project with a second development phase. In 2017, following Northridge Capital’s regional exit, AG Capital acquired full ownership. In 2018, the asset became part of the Lion’s Head portfolio.
Polygraphia reached full occupancy and attracted leading international tenants, including EY, Bosch, Stars Group, GfK, Groupama, and OTP Group.
Lion’s Head
Established in 2017 as a joint venture between AG Capital and Old Mutual Property, Lion’s Head manages a portfolio of approximately €350 million in prime office assets across Sofia and Bucharest.
The company continues to expand across the CEE region and has implemented strong ESG initiatives. Since October 2021, its major office assets have been powered by 100% renewable energy, supported by advanced building management systems, energy efficiency measures, and sustainability-focused infrastructure.
Atland
Atland is a boutique investment and asset management platform specializing in special situations, distressed real estate, and secured NPLs.
Backed by Apollo Global Management and the International Finance Corporation (IFC), Atland manages approximately €200 million in assets. The platform applies advanced analytical processes to deliver flexible and efficient investment solutions, while integrating ESG principles and sustainability practices into its operations.
BPD acquisition
Lion’s Head has signed a landmark €71.4M agreement acquiring BPD, marking the largest logistics and industrial real estate deal in recent years and positioning AG Capital as Bulgaria’s second largest industrial property owner.
Supported by IFC investment and UniCredit Bulbank financing, the acquisition added three logistics parks in Sofia, Varna and Ruse totaling 75,065 sqm and hosting major international tenants.
Lion’s Head continues the expansion in logistics by additional 28,000 sqm as part of its broader regional growth strategy across Bulgaria, Romania and Poland.
