BULGARIA MALL

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BULGARIA MALL

Relevant property and Asset Management initiatives

Support of a successful debt restructuring of the asset and helped with repositioning and updating the tenant mix.

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01

THE OPPORTUNITY

  • The project failed to establish as a preferred shopping destination
  • The project had defaulted on its debt and missed some of its financial targets, and remained undercapitalized
  • Higher than average vacancy rate
  • Challenging layout, which does not allow for adequate number and size of anchor tenants
  • Strong competitionThe asset was undergoing negotiations for an investment sale
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02

THE SOLUTION

  • We worked together with the owner and the financial institution to develop the optimal budget targets and a strategy to support, on one hand, the growth and investment plan of the owner, and the other, the financial requirement for the debt restructuring
  • We assisted in the efficiency of the dataflow between the owner and the bank by streamlining reporting and operational performance indicators
  • We focused on changing and the redevelopment of one of the underground floors
  • We supported the owner’s approach to new perspective tenants
  • We supported the owner leasing strategy by developing additional optionalities and incentives for the current and perspective clients
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03

THE RESULTS

  • Successfully retained important anchor tenants, i.e. Jumbo, Sport Depot, McDonalds, MatStar and others
  • Singed new leases and decreased vacancy
  • Increased footfall and turnovers with two-digit numbers for two consecutive years
  • Increased collection rate and decreased the balance of non-collected receivables
  • Increased NOI with 30%
  • Signed up tenants for the prospective big-box retail scheme

MEET OUR PEOPLE

6P0A4638
Michaela Lashova, MRICS
CEO
PA e
Zhoro Angelov
HEAD OF INDUSTRIAL SPACE & LAND DEVELOPMENT
PA e
Jordan Krastev
HEAD OF OFFICE SPACE
PA e
Krasimir Petrov
HEAD OF ASSET & PROPERTY MANAGEMENT SERVICES
PA e
Plamen Bachev, MRICS
PARTNER, HEAD OF VALUATION & ADVISORY
PA e
Yavor Kostov
PARTNER, HEAD OF AGENCY
PA e
Ivo Kolarov
HEAD OF DEBT AND STRUCTURED FINANCE
PA e
Petko Lozanov
HEAD OF PROJECT MANAGEMENT
6P0A4722_1
Nikolay Jelev
HEAD OF RESIDENTIAL SERVICES

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