Park Lane Developments and Mitiska REIM are continuing their expansion in the development of retail parks in Bulgaria with the acquisition of a third plot, this time in the city of Varna, located on Asen Raztsvetnikov Street in the “Vladislav Varnenchik” district.
This is the companies’ first retail park outside of the capital. The project will be branded under the Estrea Park name, in line with the other assets in the joint portfolio of Park Lane Developments and Mitiska REIM in Bulgaria—located in the “Hadji Dimitar” and “Nadezhda” districts of Sofia.
The future retail park will be built in a rapidly developing residential area of Bulgaria’s seaside capital, situated at the intersection of two densely populated neighborhoods – “Kaisieva Gradina” and “Vladislav Varnenchik.”
Estrea Park Varna will feature over 10,000 square meters of retail space and more than 230 parking spaces. Visitors will find a variety of stores across multiple categories, including fashion, home goods, a drugstore, a pet shop, an optic, a pharmacy, a food court, and a fitness center. According to a research by GfK, an international market analysis and research company, over 150,000 people in more than 63,000 households live within a 10-minute drive of the park.
Lidl Bulgaria will be the key tenant in the Estrea Park Varna project, with a store occupying 2,300 square meters. This marks the second project in which Park Lane Developments and Mitiska REIM are partnering with the smart retailer. Their first collaboration is currently under construction in the “Hadzhi Dimitar” district of Sofia.
“With Estrea Park Varna, we’re marking the start of our expansion beyond the capital. We believe that, with the support of Mitiska REIM and the EBRD, we will create a modern, convenient, and sustainable shopping destination in one of the most dynamic cities in the country,”
said Tanya Kosseva-Boshova, Managing Partner at Park Lane Developments.
“We see great potential in our partnership with Park Lane Developments and Mitiska REIM, and we’re excited that our second joint Estrea Park project is underway. It’s important for us to share a common vision for the future with our partners. We believe in the success of our collaboration with Park Lane Developments and are confident that together we will provide our customers with a convenient shopping location offering a wide selection and affordable quality,”
said Milena Dragijska-Dencheva, CEO of Lidl Bulgaria.
The retail park will be developed with a strong focus on environmental sustainability. The investors aim to certify the project under the BREEAM standard for buildings in operation, with a minimum rating of “Excellent.” The parking areas will be landscaped, with designated zones featuring tall greenery, EV charging stations, and bicycle racks.
Earlier this year, Park Lane Developments and Mitiska REIM announced their first two projects in the capital. The first joint development is located in the “Hadzhi Dimitar” district and is already under construction, with completion expected in mid-2026. Estrea Park Hadzhi Dimitar will offer over 14,000 sqm of retail space and more than 300 parking spots, with Lidl as the anchor tenant.
The second Sofia project is located in the “Nadezhda” district, adjacent to two supermarkets, and is currently in the design phase. Construction is expected to begin in autumn 2025. Estrea Park Nadezhda will provide over 13,000 sqm of leasable space. Supermarket Fantastico will serve as the main tenant on its own plot of over 12,600 sqm. Both Sofia projects are situated next to successfully operating Kaufland stores.
The European Bank for Reconstruction and Development (EBRD) is a partner of Park Lane Developments and Mitiska REIM. The bank has invested €50 million in the MEREP3 fund, which supports projects in Central and Eastern Europe.
The project is being developed by Planning, the architectural studio of Arch. Iliyan Iliev. Legal counsel is provided by Kinstellar Bulgaria.