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Balfin Group invests 180mln Euros in its newest project in Macedonia, Skopje East Gate

October 25, 2017, 9:04 (PX Newswire)

Balfin Group announces its recent investment through its newly created company in Macedonia, Skopje East Gate, the purchase of a 155,000 m2 area, located about 1.5 km from the center of Skopje at the intersection of two major roads, Alexander the Great and Belasitsa Street. The company plans to develop the first mixed-used real-estate development project in excess of 250,000 m2 gross build area, estimated to be largest private investment of this type in Macedonia.

The development plans include a new 45 000 m2 gross leasable area shopping mall, residential block and an office park. The overall total investment of the company is planned to be in excess of €300 million over a period of 5-7 years, creating thousands of new jobs and opportunities. The company states that the shopping center will be what will be built and developed initially, and then the apartments and office centers will be built over the next 5-7 years. Balfin Group is the largest shareholder of Skopje East Gate Real Estate Development and this project will be further developed in the future with the participation of local and international investors.

The same Group developed Skopje City Mall, sold last year to a foreign real estate investor, historically marking the largest real-estate capital market transaction in Macedonia. Balfin Group is one of the largest regional companies, with a portfolio that includes investments in shopping malls, commercial and residential real-estate developments and numerous retail activities such as Neptun, Jumbo and apparel retailers.

Given the success of the Skopje City Mall, and the strong desire for retailers to expand in Macedonia, it was consequently decided that an additional shopping mall in Macedonia constitutes a feasible investment opportunity. The financing of such big and meaningful project shall be borne by SEG shareholders, in collaboration with local and foreign financial institutions.

The mall will be constructed on 2 levels with an estimated 2500 underground parking lots. The location and the size of the new mall present solid grounds besides the brands present on the market also new foreign brands to come to the mall. Along with the shopping mall, a new residential area, with over 100 000 m2 gross build area of new housing is be planned to be constructed over the next 5 years.

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