Bulgaria Offers an Attractive Investment Environment We had 11 million visitors at The Mall in 2012, says Miltos Bossinis, Head of Asset Management and Development at Assos Capital By ASSIA DIMITROVA / Photography IVAYLO PETROV
Mr. Bossinis, Assos Capital fund is mainly focused on investing in commercial areas. Your company owns one of the biggest shopping malls in Bulgaria, The Mall, as well as two office centres. What attracted you to Bulgaria as an investment destination? Assos Capital has invested in the whole Southeastern European Region, and Bulgaria offers an attractive investment environment not only because of its business framework, but also in terms of the approach and commitment of both the private and public sectors to new business. The professionals we have encountered are extremely well trained, highly educated and willing to adapt to our business needs and requirements. This favourable environment is also supported by the government’s efforts in preparing a solid ground for investors through policies that promote business activity. It is more than possible that our business commitment in Bulgaria will extend to other opportunities in the future. How is your Bulgarian investment developing in comparison to the other investments of Assos Capital? Has the Bulgarian market any specific features? We are very satisfied with our investments here. We have found Bulgaria to be a transparent market which favors a long term investment approach and offers the prospect of good return on investment. The macroeconomic situation has been challenging for the entire region over the last three years, but if you give extra effort and believe in what you are doing, then you mitigate the threat of failure. Last but not least, the business framework in Bulgaria – taxation, corporate law, company incorporation, to name but a few – makes the country a potentially attractive destination for investors.
Today, the situation on the market is significantly different in comparison to 2008 when you acquired The Mall. Are you interested in new projects in the country? It is correct that we are now faced with a totally different business environment, but it all depends on how you approach the business case. What I mean by approach, is that the extended financial recession periods make economies normalize. Ultimately, new equilibriums are reached, which in turn reduces prices and yields to more pragmatic levels in comparison to where they used to be. This can create great opportunities for investors who would like to take advantage of the evolving economic environment in order to maximize their return on investment. We are definitely interested in making new investments in Bulgaria. We would go further and state that we believe that this is the right time to expand our interests in this region. What are the key advantages of the shopping centres compared to the other projects in the segment? Shopping centres should be viewed as a destination in their own right by consumers. Our investment, The Mall, offers to its customers the opportunity to shop, dine, go to the movies, go bowling, and much more- all under the same roof. The Mall is essentially a destination for the family, younger and older couples, as well as teenagers and younger children. There is something for everyone here, and this is what makes visiting it a unique experience. In essence, a shopping centre concept is relatively simple, as compared to other offers in this segment. You have a safe, warm environment with retail, entertainment and leisure in one place. The diversity of offer within the shopping centre environment is only limited by size and imagination.
May 2013
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