PARK MALL

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PARK MALL

Relevant property and Asset Management initiatives

Takeover of management of a distressed asset and successful stabilization and repositioning of the retail scheme, Improving all fundamental performance indicators.

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01

THE OPPORTUNITY

  • Compromised image of the shopping center for both tenants and customers
  • Expiring leases
  • Strong competition
  • Significant amount of non-collected receivables
  • Almost negative NOI

02

THE SOLUTION

  • Reframed retail proposition of the project as a retail park – family oriented, value for money offerings, synergy with neighbor big box retailers
  • Target different tenant mix and retailers’ formats compared to the direct competitor
  • Altered leasing approach, introducing more flexible terms and incentives to attract and retain interest from the retailers
  • Focused on collection, negotiation of debt payment plans and ultimately removing non-performing tenants
  • Increased marketing – set up events calendar, maintained active digital marketing and social media presence
  • Prepared a plan for development of additional big-box project in the parking lot
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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

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

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