MAS Real Estate, a commercial property investor, developer and operator listed in both Johannesburg and Luxembourg, announced the acquisition of two shopping malls in Bulgaria, for €62 million. The malls have been acquired from Globe Trade Centre and the European Bank for Reconstruction and Development. The Galleria Burgas Mall and the Galleria Stara Zagora Mall and are located in the Bulgarian cities of Burgas and Stara Zagora, respectively.
“This transaction is in line with our plans to expand into markets with growing economies across Central and Eastern Europe by acquiring accretive income-generating assets with real upside potential through our joint venture with Prime Kapital. The transaction increases our income-generating property portfolio by 15,3% from €406.4 million to €468.4 million,” says Lukas Nakos, CEO of MAS.
Galleria Burgas is the dominant shopping centre in Burgas, the 4th largest Bulgarian city with a population of 200,000. The mall benefits from a total catchment area of approximately 480,000 people within 60 minutes’ drive, as well as a significant number of tourists during the summer holiday season, the city being in the vicinity of the most popular Black Sea resorts on the Bulgarian coast.
Photo: galleriaburgas.bg
“Galleria Burgas has a broad tenant mix consisting of 115 tenants including primarily international fashion and entertainment brands (including Bershka, CCC, Cinema City, Deichmann, H&M, Humanic, Ikea, Intersport, LC Waikiki, Lee Cooper, Lidl, Massimo Dutti, Oysho, Terranova and Zara). Due to strong performance and tenant demand, a significant centre extension is being considered with the intention to enhance the earnings from this asset,” commented Nakos.
Galleria Stara Zagora is the dominant shopping centre in Stara Zagora, the 6th largest Bulgarian city. The mall benefits from a total catchment of approximately 400,000 people within 45 minutes’ drive. The tenant mix is focused primarily on fashion and entertainment and consists of 71 tenants (which includes brands such as Bershka, Cinema City, CCC, Deichmann, DM, H&M, Intersport, Kenvelo, LC Waikiki, New Yorker, Nike, Pull&Bear and Stradivarius).
“Galleria Stara Zagora is in need of refurbishment and offers value enhancing opportunities through operational streamlining and commercial layout improvement. With our asset management expertise we have formulated an approach to improve the operational capacity of the mall with the intention to enhance the net income earned from the asset,” says Nakos.
MAS Real Estate Inc. is a commercial property investor, developer and operator that is listed on the main board of the Johannesburg Stock Exchange and the Euro-MTF market of the Bourse de Luxembourg. MAS has a strategic alliance with Prime Kapital, led by Martin Slabbert and Victor Semionov, former directors of JSE-listed New Europe Property Investments (NEPI).
MAS' effective economic interest in the acquisition is the equivalent of an 80% direct participation in the performance of the malls and a 20% participation at the weighted average cost of funding achieved by the acquisition in line with the previously announced co-investment agreement with Prime Kapital.
Local courier company Sameday is occupying a new 5,000 sqm last-mile logistics facility in Constanța Olympian Parks, part of Helios Phoenix Group. During the 2025 Black Friday campaign, Sameday's new regional hub in Constanța processed over 400,000 parcels.
ITPunkt has leased 460 sqm for its new HQ at Oxygen Park office complex in Warsaw. At the same time, Paszkiewicz Firma Budowlana expanded its leased area to 300 sqm in the same project.
Engineering company Sanborn will relocate its production capacities to the new Aventin Business Park industrial complex as of August 2026. The company will lease nearly 8,000 sqm of premium space at the site. The long-term lease was brokered by Savills.
New appointments
CBRE Investment Management announced the firm is evolving the leadership model in its EMEA Direct Real Estate business. Under the enhanced structure, Rik Eertink will assume the role of President and CIO of EMEA Direct Real Estate, after serving as President of EMEA Direct Real Estate for the past five years.
Nhood has appointed Mihaela Petruescu as the new Country Director for Property Services Romania & Poland as of October. She previously held leadership positions at large real estate firms, such as Cushman & Wakefield Echinox and CBRE Romania.
Daniel Orczyk has been named Senior Project Manager at the technical advisory department of Avison Young in Poland. He is a licensed structural engineer and building site manager with over 20 years of experience.
At CEE Property Forum 2025, the panel on urban living examined how cities across Central and Eastern Europe are being reshaped by demographic change, new living formats and rising investor interest. Chaired by Kinga Barchon, Partner and Real Estate Leader at PwC Polska, the discussion navigated the fast-evolving landscape of urban development and the multifaceted opportunities and challenges shaping the years ahead.
Panattoni is expanding Panattoni Park Kielce, with a fourth building spanning 13,000 sqm. Construction is expected to be completed in the first quarter of 2026, and two lease agreements have already been signed.
Law firm CMS advised Prologis in Poland on its entry into a power purchase agreement (PPA) with Engie. This agreement combines the long-term purchase of electric energy from renewable energy sources with flexible market mechanisms, setting a new benchmark for the commercial property market in Poland.
Property Forum is a leading event hub in the CEE real estate industry with over 10 years of experience. We organise conferences, business breakfasts and workshops focused on real estate, in London, Vienna, Warsaw, Budapest, Bucharest, Bratislava, Prague, Zagreb and Sofia, amongst other locations.
I have read the Privacy Policy of International Property Network Inc. and I consent to International Property Network Inc. sending me newsletters and managing my personal data provided for this purpose.
