Mitiska REIM, a leading specialist investor in European convenience real estate, has announced on behalf of the MEREP 3 fund a joint venture partnership with Park Lane Developments to develop retail parks in Bulgaria.
Park Lane Developments is a leading commercial property company which develops and manages prime office, logistics/light-industrial, and retail park assets in Bulgaria and the CEE Region. Park Lane is part of AG Capital, a leading commercial and residential real estate investment group operating in Bulgaria, Romania and Poland.
Under the joint venture, Mitiska REIM and Park Lane plan to develop and open at least 5 prime retail parks in Bulgaria over the next 5 years. The JV has already acquired its first land plot in the Hadzhi Dimitar district of Sofia to develop a retail park which is scheduled to open by the end of next year.
The new Hadzhi Dimitar development is conveniently located on a main road close to the city centre and residential areas and will feature more than 20 retail units, food-anchored by a Lidl supermarket, with a total gross leasable area (GLA) of 14,000 sqm. The tenant mix will comprise a range of national and international brands offering clothing, shoes and home goods, in addition to services such as pharmacies and a food court.
In terms of sustainability, the new retail park will be designed to achieve an “Excellent” score on the BREEAM scale and will feature landscaped parking areas, charging stations for electric vehicles and bicycle racks.
Tomas Cifra, Mitiska REIM’s Managing Director for Romania, Czech Republic, Slovakia & Bulgaria, comments: “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. We look forward to working in partnership with the Park Lane team to capitalize on this opportunity.”
Tanya Koseva-Boshova, Managing Partner at Park Lane Developments, adds: “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 aim to create convenient, pleasant spaces for people that are within easy reach. As with our other projects, we strive to adhere to high standards for sustainable development with care for the environment.”
The Hadzhi Dimitar project is being designed by Planning Architectural Studio led by architect Iliyan Iliev, with construction by MMV Engineering. Legal advice on the transaction was provided by Wolf Theiss Bulgaria.
