Albania's Balfin Group to invest over €300mn in real estate project in Macedonia

Albania's Balfin Group to invest over €300mn in real estate project in Macedonia
By bne IntelliNews October 24, 2017

Albania’s Balfin Group said it will invest over €300mn to build a commercial-residential complex in the Macedonian capital Skopje.

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.

The facility will be developed at the site 1.5km from Skopje’s downtown where the Skopje Fair facility is currently located.

The Balfin Group has already purchased the area of 155,000 square metres to develop the project, with an initial investment of €180mn.

The total investment of the company is planned to be in excess of €300mn over a period of five to seven years and will crease thousands of new jobs, Balfin said in a statement on October 23.

The project will be developed by Balfin’s new unit in Macedonia, Skopje East Gate.

The company plans to develop the mixed-used real-estate development project in excess of 250,000 square metres of gross build area.

The project will include a shopping mall with 45,000 m2 gross leasable area, a residential block and an office park.

The shopping centre will built initially, and then the apartments and office centers will be built over the next five to seven years.

Balfin Group is the largest shareholder of Skopje East Gate Real Estate Development and the project will be further developed with the participation of local and international investors.

The Balfin Group developed Skopje City Mall, which was sold last year to a foreign real estate investor, marking the largest real-estate capital market transaction in Macedonia.

 

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