Former owner of “City Mall” Balfin Group invests 180 milion euros in Skopje

Skopje, 24 October, 2017 - 18:07 (META) 

The Albanian cooperation, “Balfin Group” which was the owner of “City Mall,” announced its 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 i.e. where the Skopje Fair is located. It’s a starting investment of 180 million of euros, and in the next 5 to 7 years it would increase to 300 million of euros, by building a gigantic shopping mall and commercial and residential real-estate developments.

According to the Albanian cooperation, this is going to be the biggest private investment of this type in the history of Macedonia and it will open several thousand new jobs. According to information provided by several companies that have used commercial objects under lease within the Skopje Fair, and who are about to move away, it is highly probable that “Balfin Group” has purchased the Skopje Fair parcel, which was purchased this summer by a Bulgarian company “Kardfinans” which it has purchased from NLB and Komercijalna Banka. The banks took over the Skopje Fair because of unpaid debts of its previous owner, the Slovenian company ERA.

According to the announcement published on Balfin Group’s webpage, on 250.000 m2 gross build area, a shopping mall of 45.000 m2 is going to be built, including commercial and residential real-estate. The investment is made through its sister company “Skopje East Gate Real Estate Development.”