Plovdiv’s First Mall Set for Sale to Bulgarian Investment Partnership

Trinity Capital and Hus Invest, the partners who acquired Park Center Sofia a year ago, are now moving to purchase Mall Plovdiv. The two companies have formally requested approval from the Commission for the Protection of Competition (CPC) for the transaction. The buyer will be their joint venture, TSH Investment, initially created for the acquisition of Park Center Sofia. TSH Investment is now targeting M.O. Plovdiv, the company behind Mall Plovdiv.

Mall Plovdiv, one of the city’s two major shopping centers, opened its doors in 2009. By the end of 2024, it had 98% of its retail space leased. The mall’s ultimate owner is the Irish investment fund Avestus, which has previously held a brief stake in Mall Sofia and also owned an office building on Sofia’s Moskovska Street, sold in 2018. With the Plovdiv deal, Avestus is effectively exiting the Bulgarian market.

According to M.O. Plovdiv’s 2024 financials, the property is valued at 33.5 million leva (17.1 million euros), with a 20 million leva (10.2 million euros) loan from DSK Bank. The company reported revenues of 14.7 million leva (7.5 million euros) and a net profit of 3 million leva (1.5 million euros), both slightly higher than the previous year.

TSH Investment is equally owned by Trinity Capital, the private investment firm of Tencho Shikov from Rompharm, and Hus Invest, the Plovdiv-based company of brothers Ivan and Alexander Assenov. Trinity Capital focuses on retail parks such as XOPark, malls, and convenience stores including the Minimart chain. The company recently began constructing Bulgaria’s first Outlet Village and acquired MegaMall in Lyulin in 2023 for roughly 18 million euros, taking on an additional 13 million euros in debt from the previous owner.

Hus Invest, traditionally active in metals trading and residential construction, initially partnered with Trinity in the Park Center Sofia acquisition to diversify its portfolio. The same collaboration continues with the Plovdiv mall, bringing the transaction value, including debt coverage, close to 77 million leva (39.3 million euros). The deal marks Trinity and Hus Invest’s continued expansion in the Bulgarian retail property sector.