Poland is a pillar of BLD’s European ambitions. The developer announces new projects.

BLD is the first developer from Bulgaria to pursue international expansion on such a scale, establishing a foreign office and committing its own capital. It is also the only Bulgarian development company actively operating on the Polish market,” emphasizes Ivaylo Mishev, Director responsible for BLD’s operations in Poland and the Central and Eastern Europe region. “The decision to expand was driven more by strategic than financial considerations and reflects the vision and ambitions of the founder of AG Capital, BLD’s parent company, as well as the Group’s top management. The goal is to build a recognizable, pan-European real estate holding with a diversified portfolio spanning multiple asset classes, supported by an extensive network of relationships and partnerships with leading international players and global capital market institutions,” he adds.

AG Capital Group began operations in 1993 as a small real estate brokerage agency in Varna, often referred to as Bulgaria’s “seaside capital.” Today, as the largest Bulgarian real estate holding, it manages assets worth close to EUR 1 billion and offers a full range of real estate services nationwide. The Group operates in seven countries across two continents and comprises more than 20 well-established brands representing various sectors and asset classes, including residential, office and logistics properties, retail parks, PRS, self-storage, brokerage and valuation services.

Christo Iliev, the founder and current CEO of the holding, was recently recognized as one of the 100 most influential figures in the real estate market in Central and Eastern Europe. Under his leadership, the Group has experienced dynamic growth and established partnerships with renowned institutional investors such as EBRD, IFC, Apollo, Old Mutual and Mitiska REIM.

BLD, a member of the AG Capital Group, focuses on residential projects in the mid-range and premium segments. Over 15 years of operations in Bulgaria, the company has delivered nearly 2,000 apartments, with another 1,200 currently under construction. BLD also holds a secured land bank for approximately 2,800 new residential units, with a total estimated value of around EUR 0.9 billion.

Over the years, BLD has become one of the most recognizable residential brands in Bulgaria, with several of its completed developments permanently shaping Sofia’s skyline. Its current flagship project is Uptown Square, a development comprising 450 luxury apartments, regarded as one of the most prestigious and innovative projects in the country.

First project

BLD acquired its first plot of land in Warsaw in the first half of 2024 and commenced construction shortly after the transaction. The project, named Ivory, is being developed in Saska Kępa. Located in this prestigious area, which has very limited primary market supply, the completed development will deliver 30 premium apartments.

“We are very pleased and, quite frankly, proud of this project, as well as the fact that it is our first development in Poland. Ivory fully reflects BLD’s profile and experience as a developer operating in the mid-range and premium segments. It is a project we will showcase for many years to come—thanks to its architecture, the aristocratic character of the location, high standard, functional apartment layouts and surrounding greenery. It is hard to imagine a better showcase,” says Ivaylo Mishev.

Construction, carried out by a reputable local contractor, SPS Construction, is progressing according to schedule. Completion is planned for the end of 2026. Project financing is provided by mBank, while preferential mortgage terms for buyers are offered by mFinance, a company affiliated with the bank.

As in its home market, BLD bases its operations on long-term relationships with leading local contractors, suppliers and service providers. This model enables the company to deliver high quality, safety and innovative solutions, as well as comprehensive support at every stage of the home-buying process. More than 40% of buyers in BLD’s new projects are returning customers. Construction standards are continuously enhanced through the testing and implementation of new materials and technologies, supported by an in-house team of 20 engineers and architects. At the same time, the company is developing new products, including residential units offered with a guaranteed annual return of 5%, similar to corporate bonds but secured directly by real estate ownership.

Next step

With two projects currently under development and a newly opened permanent office in central Warsaw at 19 Chmielna Street, BLD remains in an active investment phase and is focused on further expanding its operations in Poland.

“The investment land market is currently highly competitive. Although property prices may appear high, when compared with selected EU indicators they are not excessive. Demand is no longer a given, but apartments available for sale in Warsaw should find buyers within a year, which points to the market’s relatively good condition,” assesses Ivaylo Mishev, also referring to recent interest rate cuts and easing inflation. “We operate in a challenging environment, additionally influenced by geopolitical factors. While we do not rule out market corrections, we remain strongly positive about the long-term potential and prospects of the Polish real estate market and Poland as a country. Our strategy is long-term by nature, which is crucial for us. Moreover, we are currently close to securing several new greenfield projects in Warsaw,” he adds.

BLD’s team in Poland currently consists of seven experienced real estate professionals. The company plans to further expand the team in line with the growing project portfolio—ultimately to 15–20 people—and to deliver 150–200 apartments annually in higher market segments, also in other major cities across the country.