The European Bank for Reconstruction and Development (EBRD) will partner with AG Capital’s Park Lane Developments, and Mitiska REIM, to support their joint venture for developing modern retail parks across Bulgaria. The Bank will invest Euro 50 Million in the MEREP3 fund, which focuses on projects in Central and Eastern Europe.

The JV between the two companies was announced earlier in August 2024, with plans envisaging the development and opening of at least 10 prime retail parks in the country over the next 5 years. The goal is to introduce the concept of easy-access convenient shopping, offering spacious and free parking facilities, diverse retailers, a wide range of products and services, fitness, dining options and more.
The presence of an anchor grocery chain will be a key point in the tenant mix of each retail park. The first two projects, already scheduled to begin, will be located in the Hadzhi Dimitar and Nadezhda districts in Sofia. Hadzhi Dimitar’s retail park is coming up at 7, Rezbarska Street, covering 14,000 sqm of retail space, with LIDL as a key tenant. 13 000 sqm of retail space are featured in the second project in Nadezhda, where Fantastico Group will be the anchor retailer.
The investment in the partnership between Park Lane Developments and Mitiska REIM, rests within EBRD’s strategy to support the growth of green and sustainable retail real estate projects in Central and Eastern Europe. The new retail parks under the JV, will be targeting the delivery of a green, relaxed and sustainable shopping environment, eligible for the BREEAM “Excellent”certificate. Design features have been crafted to include vegetated open areas with trees and landscaped parking lots, electric vehicle charging stations and bicycle racks.
Construction works for the Hadji Dimitar retail park are expected to begin in the first quarter of this year. This is to be the newest large-scale development project for Park Lane Developments, following the launch of AYA Business Centre in Sofia in the end of 2023. The company also holds the award-winning Class A SAP Center Sofia in its flagship office development portfolio, and the redevelopment of Sofia’s historic landmark Polygraphia Office Center.
AG Capital News