Park Lane Developments and Mitiska REIM announced last week their new retail-park joint venture in Bulgaria. Their plans envisage the development and opening of at least 5 prime retail parks across the country over the next 5 years. The first one is already expected to open in the district of Hadji Dimitar in Sofia by the end of 2025.
Park Lane Developments, AG Capital’s commercial property development company and Mitiska REIM, leader in the development and management of premium business properties in Central and Eastern Europe (CEE), have selected several densely populated residential areas in the country for the development of the new retail parks.
The new JV aims at introducing 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 company acquired the plot for the first retail park in Hadzhi Dimitar in Sofia in April 2024. The two-storey development will amount to an investment of close to 20 M Euro. With a total GLA of 14,000 sqm it will host over 20 retail units led by an anchor Lidl supermarket. The tenant mix is expected to cover a range of local and international brands for fashion apparel, shoes, accessories, home appliances and other household goods. Drug stores, pharmacies, pet shops, toy stores and food courts will also complement the mix.
Sofia’s new retail park will be developed with sustainability in mind, aiming for the BREEAM “Excellent” standard certification. Its design features vegetated open areas with trees and landscaped parking lots, electric vehicle charging stations and bicycle racks. It comes with a vision for a green, relaxed and pleasant shopping experience.
Commenting for the media on the new joint venture, Tanya Kosseva-Boshova, Managing Partner at Park Lane Developments, said: “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 are aiming at creating convenient and pleasant shopping spaces that are close at hand for everyone in the area. As with all our other projects, we strive to adhere to high standards for sustainable development, with special care for the environment.”
“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. Through our successful partnership with the Park Lane team I expect to capitalize on this opportunity,” said Tomas Cifra, Mitiska REIM’s Managing Director for Romania, Czech Republic, Slovakia & Bulgaria.
The retail park at Hadji Dimitar will be the newest large-scale development project for Park Lane Developments after launching AYA Business Centre in Sofia at the end of 2023. The company also holds the award-winning Class A SAP Center Sofia in its flagship office development portfolio, together with the redevelopment of Sofia’s historic landmark Polygraphia Office Center.
We wish the best of luck to both companies in their new joint venture!
AG Capital News