REAL ESTATE
‘New frontier’ Bulgaria attracts real estate investors
Bulgaria is a new frontier for real estate investors, with many South African companies already having invested in Poland, the largest economy in eastern Europe. UK-based Hystead, which is co-owned by JSE-listed shopping centre owner Hyprop and PDI Investment, bought a highly rated mall in Bulgaria’s capital, Sofia, in July for €156m. This was Hystead’s fourth southeastern European acquisition, growing its portfolio to a gross asset value of €460m. Hyprop CEO Pieter Prinsloo said it would soon list its eastern European assets separately. Nepi Rockcastle, the largest listed property group on the JSE, has also invested in Bulgaria. One of the group’s co-CEOs, Spiro Noussis, said it aimed to have a continued presence in the major economies of eastern and central Europe. Peter Clark of Investec Asset Management said many of these east European markets were still relatively small compared with listed property markets in western European countries. "South African investors have not yet ex...
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