Mariana Gegova
Abstract: This article examines the investment strategies and features of investment activity in the Bulgarian commercial real estate market, with an emphasis on the two main formats – shopping centres and retail parks. The aim of the study is to identify differences in investment models, the profile of the main investors, the level of investment risk and the approaches to creating and increasing the value of commercial assets. The theoretical part examines the main participants in the investment process and systematises the four main investment strategies in real estate – Core, Core+, Value–Add and Opportunistic, differentiated according to the ratio between risk and expected return. On this basis, an analysis of the investment behaviour of major institutional investors and investment companies participating in the Bulgarian market of shopping centres and retail parks has been carried out. The results of the study show that shopping centres are characterised by greater institutionalisation and orientation towards stabilised assets and sustainable cash flows, while retail parks provide greater opportunities for the development and implementation of Value–Add and Opportunistic strategies. In conclusion, it is established that the differences in the investment strategies and risk profile of the two formats are a significant factor in assessing their investment attractiveness.
Key words: commercial real estate; investment strategies; investment profile; shopping centres; retail parks.
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