Albania's Balfin to invest 180 mln euro in real estate project in Macedonia

The mixed-use project, with a gross built-up area of over 250,000 square metres, will include a shopping mall, a residential block and a businesspark, the Balfin Group said in a statement earlier this week.

The investor plans to make the investment through its newly created project company Skopje East Gate Real Estate Development in the span of five to seven years.

The Balfin Group announced on Monday the purchase of a 155,000 sq m plot of land located 1.5 km from the city centre where it will start the construction of the shopping mall first, immediately creating thousands of new jobs and opportunities.

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 company added.

The same group developed Skopje City Mall sold in October 2016 to UK-based investment company Hystead Limited for 92 million euro.

The Balfin Group owned by Samir Mane engages in real estate, retail, tourism, agriculture, energy, mineral industry, investments, and services through subsidiaries in Albania, Austria, Macedonia, Dubai, Kosovo, Greece, Bosnia and Herzegovina, Italy, and the United States.

($ = 0.85015)