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  • In Bulgaria, the early nineties were a time of transition from the communist era to a free-market economy. Mr. Iliev, Dr. Christo Iliev then a second-year student took the risk to start a residential brokerage company - Address Real Estate.

  • Address’s first small brokerage office was opened in the city of Varna on the Black Sea.

1994 - 2003

  • A second office was opened in Burgas, Bulgaria’s other major Black Sea city.

  • Address quickly became the top real estate broker in Eastern Bulgaria and expanded to other Bulgarian cities.

  • The Bulgarian real estate market started to develop as the middle class grew and was able to freely buy properties and move from city to city.

  • In the year 2000, Address Group moved its headquarters to Bulgaria’s capital, Sofia The firm was already considered one of the top 3 real estate brokerage companies in the country at the time.

  • Independent subsidiaries were established in the residential, commercial and hospitality segments.

  • The first franchise system (The Address Franchise Partners branch) and the first CRM system in the Bulgarian real estate industry were implemented.

  • Address Academy (the first licensed training center for professional real estate consultants) was started, and some of the key executives, who are still in the company today, joined the team.


  • Address World Wide was created to respond to the growing interest of foreign citizens to buy properties in Bulgarian seaside and ski resorts.

  • The first international office was opened in London.

  • The Bulgarian office network reached 25 different locations.

  • Address Invest was created as the investment arm of the group. The company was initially focused on residential and holiday developments.


  • Forton was created in partnership with Cushman & Wakefield, one of the top 3 commercial real estate brokerage advisors in the world. By leveraging on Address’s local market expertise, Forton was fully focused on commercial real estate advisory.

  • Advance Valuations was founded and grew to be one of the largest valuation companies in Bulgaria, supporting all national banks and doing close to 6,000 valuations a year.

  • Credit Center, a mortgage consultancy, was also established to support Address’s clients in negotiating bank loans in the most efficient manner.

  • Address received the Bentley Award for Best Real Estate Investment Company.


  • BLD, a new brand successor to Address Invest, was listed on the AIM market of the London Stock Exchange, raising GBP 26 million from reputable international investors such as CLS Holdings, Jupiter, Thames River, Henderson Global Investors.

  • Domika office was opened in Moscow, targeting Russian clients, interested in acquiring holiday properties in Bulgaria.

  • Unique Estates was established as a brokerage company focusing on the luxury end of the market leveraging on Address’s expertise.

  • Capital was created as the holding company for the group and received the prestigious Superbrands award for the first time.


  • BLD raised additional GBP 14 million and completed a major holiday development project in Pamporovo, one of Bulgaria’s ski resorts.

  • Unique Estates established a partnership with Christie’s International.

  • AG Capital opened an office in Serbia, and won the Superbrands award for the second time.


  • BLD acquired Polygraphia, a landmark historic building in Sofia’s CBD.

  • BLD completed two holiday development projects in Sozopol, an ancient town on the Black Sea coast and started developing the first five-star residence complex.

  • Forton brokered the largest retail deal of the year - the sale of Mall Varna.

  • AG Capital set up a new company - Facility Optimum providing fully integrated facility management services.


  • Forton consulted the Bulgarian Telecommunications Company on its relocation to ETC office building (Sofia), at 23,000 sq. m., the largest Bulgarian office lease deal to-date.

  • Following the inception of the Global Financial Crisis, Frontex International was created to on opportunities in servicing unsecured non-performing loans (NPLs) for major banks and telecoms.


  • BLD was delisted from the AIM (London Stock Exchange) and acquired by its three main shareholders: CLS Holdings, Laxey Partners and AG Capital.


  • BLD completed the renovation of Polygraphia Office Center converting it to a modern office complex. The refurbishment project’s concept was designed by HOK International, a firm of London-based architects.

  • AG Asset Management was created as Polygraphia’s asset and property manager.


  • Several distressed projects were acquired by AG Capital: Prestige Business Center was converted to a premium office location in Sofia successfully exited and Harmony Residence, an NPL backed by 200 residential units, was successfully worked out and sold. This was the precursor to Atland, AG Capital’s secured NPL and distressed asset manager.

  • BLD’s first own city residential project in Sofia (Cacao) was started.

  • AG Capital established Intelliway Services, a business process outsourcing services provider on the German market.

  • Axxess Capital Partners, a regional private equity fund, backed by the multilateral institutions EBRD, FMO and DEG, bought a majority stake in Frontex International, which moved into acquisitions of unsecured NPL portfolios.


  • Frontex International acquired an NPL portfolio with face value of EUR 50 million from BNP Paribas – the largest on the Bulgarian market to that point.

  • Credit Center received a Platinum Partner in Mortgage Loans award from Eurobank Postbank, one of the leading banks in Bulgaria.


  • Imoteka was established as a new residential brokerage agency, based on Address’s platform in Sofia, aiming to achieve a larger combined market share.


  • Facility Optimum, the leading fully integrated facility management company in Bulgaria, was full acquired from AG Capital by the private equity funds Empower Capital and KJK Capital.

  • AG Capital sold Advance Valuation to Weston Growth Capital.

  • Unique Estates established partnership with Luxury Portfolio International.


  • AG Capital successfully sold its remaining shares in Frontex International with PwC acting as a sale-side adviser. This was part of the group’s new strategy to fully focus on real estate and therefore sell non-core businesses to fund future growth in the real estate industry.

  • BLD won the Residential Developer and the Residential Project Awards for its project ALBA at the SEE Real Estate Awards event.

  • AG Capital commenced partnership with Apollo Capital Management and IFC (World Bank Group) to co-invest in secured corporate NPL portfolios and distressed assets in Bulgaria. Atland was established as the group’s asset manager in this segment.


  • BLD reached the number one spot in the Bulgarian residential developer market with 200,000 sqm of completed projects.

  • Lion’s Head was established in partnership with the Old Mutual Group (South Africa’s largest financial services group) to invest and manage core and core plus office buildings in the CEE region. Lion’s Head acquired its first four buildings – Polygraphia Office Center (Sofia), Megapark (Sofia) and Oregon Park Buildings A & B (Bucharest – Romania’s capital), and its portfolio reached EUR 270 million of assets under management.

  • Megapark’s acquisition was the third largest investment transaction in Bulgaria to date and the biggest real estate deal of the year.

  • Polygraphia was awarded Building of the Year in Bulgaria in the office segment.

  • Park Lane Development was established to focus on office and logistic development. It started developing its first office complex – Srebarna Office Center in Sofia.


  • Lion’s Head completed the acquisition of its fifth office building, Oregon Park Building C, and thus its portfolio reached EUR 350 million.

  • AG Capital sold Intelliway Services.

  • Address Real Estate implemented new technologies based on artificial intelligence.


  • Lion’s Head Investments premium project in Bucharest - Oregon Park, was the winner in the Office Project category at the 15th edition of SEE Real Estate Awards, organised by

  • 3P1 was founded to focus on PropTech and further invest in innovative industry projects.

  • AG Capital spun off its legacy business in real estate advisory into a separate group of companies. The new Realto Group brought together Address, Imoteka, Unique Estates, Cushman&Wakefield Forton and Credit Center, thus becoming the real estate advisory leader in Bulgaria. The group combined the largest network of 700 consultants covering the country. Its strategy centred around innovation and top-notch customer experience.

  • AG Capital focused on developing two core business lines: (i) investment and asset management, (ii) commercial and residential development. Its portfolio comprised of Lion’s Head, BLD, Park Lane Developments, Atland Management and 3P1.