Success stories that inspire.
Consistency is crucial when objectives are high. At AG Capital we are proud of our success stories and growth cases achieved with consistency, strategy, precision to detail and backed by our valued team with an air for opportunity.
Bulgarian Land Development PLC
Bulgarian Land Development PLC had CLS and AG Capital as its major shareholders and was an AIM (LSE) listed company until 2010. Business operations in the 2006-2015 period were focused on developing residential and commercial real estate assets in Bulgaria. The company’s portfolio at the time included a mixture of premium commercial properties, sea and ski holiday properties as well as off-plan and ready-to-use buildings along the Black Sea coastline in Bulgaria. Throughout the years, Bulgarian Land Development PLC has become a definitive market leader having acquired 200 000 m² of land and sold more than 500 homes (apartment units).
Facility Optimum Bulgaria (FOB)
Facility Optimum Bulgaria (FOB) was established in 2008 with the purpose of exploring new opportunities in the property management sector. As a fully integrated facility management company within the AG Capital Group, its major business line was focused on providing facility management services to corporate clients nationwide. The company soon became a market leader employing more than 1,000 people and servicing nearly 2,000 different locations. Its major clients in Bulgaria featured Postbank (Eurobank Group), A1 (Austrian Telecom Group) and United Bulgarian Bank (KBC Group).
In line with AG Capital’s new strategy, FOB was sold in 2016 to funds managed by Empower Capital and KJK Capital. At the time of the sale, FOB’s revenue exceeded EUR 5m.
Frontex
Frontex started operating in 2009 as part of AG Capital’s strategy to diversify its operations in the global post-crisis period. The company became a frontrunner in unsecured NPL services with Frontex providing its debt collection services to institutional clients in the banking, telecommunications and insurance sectors. Following the Axxess Capital equity investment in 2012, Frontex commenced investing in unsecured NPL portfolios.
Refocusing its group strategy to the real estate sector, AG Capital exited Frontex in 2017. As a result, Axxess Capital became Frontex’s full shareholder with PwC acting as the main sale-side advisor. By then Frontex had already invested in several NPL portfolios including 170 000 credit files with a loan nominal value of over EUR 181 million.
Advance Valuations
Established back in 2005 as part of the AG Capital Group, Advance Valuations was eventually to become the largest valuation company success story in Bulgaria. With professional valuators carrying out over 15 000 expert valuations per year and operating in 50 different towns, the company was further RICS regulated following international professional standards and achieved an admirable portfolio of expert valuation services in a variety of different segments – real estate, commercial enterprises and receivables, machinery and equipment, agricultural land and forests and intangible assets.
In 2017, AG Capital sold Advance Valuations 100% to Weston Growth Capital, a company investing in Bulgarian enterprises in several sectors.
Polygraphia Office Center
Polygraphia Office Center was initially launched as a joint venture between BLD PLC and Northridge Capital aimed at redeveloping the historic landmark building in Sofia’s central area (Phase 1). In 2011 BLD PLC took a strategic decision to exit the investment, selling its shares to AG Capital and Northridge Capital. The landmark office building reached an impressive 96% of occupancy in 2012 in its first year in operation in an immediate aftermath of the global financial crisis. AG Capital invested further into the project to develop Phase 2 – a brand new office development attached to Phase 1. In mid-2017 Northridge Capital decided to exit from the region and AGC acquired 100% of Polygraphia. When in 2018 Lion’s Head was created as a JV between AG Capital and Old Mutual Property, Lion’s Head acquired Polygraphia as the first addition to its regional prime office portfolio. Polygraphia reached 100% occupancy and became an absolute success story with premier global tenants featuring EY, Bosch, Stars Group, GfK, Groupama, OTP Group.
Lion’s Head
Lion’s Head was established in 2017 as a partnership between AG Capital and Old Mutual Property. The company owns and manages EUR 350 million of prime offices rented to global companies in Bucharest and Sofia. Lion’s Head is looking to further expand its reach elsewhere in Central and Eastern Europe. Old Mutual Property is part of the Old Mutual Group, founded in 1845 as South Africa’s first mutual life insurance company. The Group is listed on the Johannesburg Stock Exchange and manages over EUR 50 billion. Megapark and Polygraphia Office Center, the company’s two major Class A office buildings in Sofia commenced on a green agenda in 2021. Electricity supplied to both buildings has been generated from 100% renewable sources of energy since the beginning of October 2021.
ESG policies now becoming a major challenge and responsibility at all levels in the commercial property sector, Lion’s Head has been adopting more and more of these practices to all company projects. All 5 office buildings run on modern BMS automated technology for energy-efficient management and monitoring of power supply, heating and cooling systems based on occupancy. Electric charging stations, waste separation facilities together with other initiatives are being introduced to achieve a more sustainable and healthier environment for all tenants in Bucharest and Sofia
Atland
Atland is a boutique investment and asset management firm specialising in special situations’ financing and investment. The company was established by AG Capital and is backed by Apollo Global Management (Apollo) and the International Finance Corporation (IFC). Atland currently has EUR 200 million under management. Apollo is a global alternative investment management firm with more than USD 430 billion under management. IFC is an international financial institution and a member of the World Bank Group, headquartered in Washington D.C., USA.
Based on their vast experience, Atland’s team have developed a series of processes for analysis, valuation and management of distressed real estate and NLP’s to offer fast and flexible solutions. Atland is a preferred and respected partner with a recognized professional approach in the receivables’ collection sector. The company has always been CSR compliant and has now started integrating more ESG standards and sustainability best practices in its corporate policy and culture.
