Park Lane Developments and Mitiska REIM have announced the formation of a joint venture to develop retail parks in Bulgaria. Mitiska REIM, the leading specialist investor in European convenience real estate, is entering the Bulgarian market for the first time. The two companies have an ambitious development plan for the coming years.
Park Lane, a leader in developing and managing premium business properties in Central and Eastern Europe, will oversee the operational management of the business in Bulgaria. They plan to develop and open at least five retail parks over the next five years. Currently, the investors are actively working on several projects located in densely populated residential areas. The shopping parks’ proposition is based on convenience, essential shopping and value for money, featuring easy access, ample free parking, a variety of stores offering a wide range of products and services, such as fitness facilities, and dining options. A large grocery store will serve as a key anchor in each park.
In April, the company acquired the first of its portfolio land plot in the Hadji Dimitar district (7 Rezbarska St.), where stores with gross leasable area of over 14,000 sqm will be built.
Lidl supermarket will be the key anchor of the retail park. More than 20 stores will be part of the project, offering a variety of goods and services, including clothing and accessories, shoes, home goods, electronics, toys, a drugstore, pet store, pharmacy, and dining area.
The park will be built with environmental sustainability in mind, aiming for BREEAM certification with an ‘Excellent’ rating for buildings in use. The parking lot will feature landscaped areas with tall trees, charging stations for electric cars, and bike racks.
The project is being developed by the Planning Design Studio of architect Ilian Iliev, with supervision by MMV Engineering. Wolf Theiss Bulgaria is serving as the legal advisor.
“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.” commented Tanya Koseva-Boshova, managing partner at Park Lane Developments.
Tomas Cifra, Managing Director of Mitiska REIM for Romania, Czech Republic, Slovakia, and Bulgaria added: ” 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.”
