Investment in Bulgaria continues
A property developer is to make investments in Bulgaria after he discovered good opportunities in the retail compounds sector.
Sheffield-born John Cutts, the founder of development company Parkridge, told the Financial Times that Bulgaria has space for eight commercial centres in towns with a population of around 300,000.
His eastern European strategy involves focusing on smaller cities where competition for retail space is limited.
"As more people shop, rents have the capacity to double or treble over the next 10 years," he told the newspaper.
He told the paper that has ruled the possibility of investing in shopping centres in large cities preferring instead to concentrate on logistic developments in cities like Kiev.
Parkridge, which initially targeted the property market in Poland, now employs 150 people in eight offices.
In related news, Imoinvest has said it intends to allocate nearly 15.8 million euros this year on real estate projects in Romania.
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