A company with international stakes is building a new retail park in Sofia

The new trend in commercial development in Bulgaria – the building of retail parks - continues to expand. The latest news is about a new site in the district of Hadji Dimitar, which will have a total leasable area of ​​over 14,000 sq.m. The complex is the work of the newly created company between the Bulgarian Park Lane Developments and the Belgian Mitiska Reim.

The latter company, registered in Dilbeek, is a leading European specialist investor in commercial real estate and is entering the Bulgarian market for the first time.

Work on the new retail park began in April this year, when the newly created venture, whose name is kept secret by the parent companies, acquired the first plot of land for its portfolio in the Sofia district.

In total, there will be more than 20 stores in the complex, which will offer clothes and accessories, shoes, home goods, home appliances, toys, a drugstore, a pet store, a pharmacy, and a dining area among others.

The parking lots will be landscaped with high tree vegetation in designated areas. Charging stations for electric cars and bike racks are also planned.

The project is being developed by the Planning design studio of Arch. Iliyan Iliev and supervision is entrusted to MMV Engineering. The legal advisor is Wolf Theiss Bulgaria.

New retail parks

Park Lane Developments, which takes over the operational management of the business of the newly created venture in Bulgaria, plans to develop and launch initially 5 retail parks within 5 years. Currently, the developers are working on several projects located in densely populated residential areas.

The partnership with Mitiska Reim is an excellent opportunity for us to expand our activities and bring international know-how to the commercial parks market in Bulgaria. We aim to create comfortable, attractive spaces for people, which will be within an arm's reach", comments Tanya Koseva-Boshova, managing partner at Park Lane Developments.

According to Tomas Cifra, Mitiska Reim's managing director for Romania, the Czech Republic, Slovakia and Bulgaria, the last country offers significant opportunities in the retail park sector.

Shoppers' disposable income is rising, consumer spending is rising, and retailers are looking for modern and sustainable retail spaces to meet this demand. I expect from our successful partnership with the Park Lane team to take advantage of this opportunity," he added.

Who are Mitiska Reim and Park Lane Developments?

Mitiska Reim is a leading specialist real estate developer in Europe, with retail parks, industrial buildings and urban logistics in its portfolio.

Its business model is based on partnering with experienced companies for joint investments in their respective countries.

Over the past 12 years, the company has managed 5 funds and built a portfolio of 92 retail parks, representing over 1.2 million square meters of gross leasable area in Belgium, the Netherlands, France, Germany, Spain, Portugal, Romania, Poland, the Czech Republic, and Slovakia.

Park Lane Developments is a company that builds, develops and manages premium office, retail and logistics real estate in Bulgaria and Central and Eastern Europe. Its main projects include Park Lane Office Center and Aya Business Center, as well as the renovation of the historic Polygraphia Office Center building in Sofia. The company is part of AG Capіtal.

Translated by Tzvetozar Vincent Iolov