Real estate company MAS is selling six retail parks in Romania and a shopping mall in Bulgaria in a deal worth over 400 million euro

One of the major investors in retail real estate in Southeast Europe—MAS—has officially announced that it is selling its properties in Bulgaria and Romania. The total value of the assets in both countries amounts to over €400 million, with the seller’s goal being to withdraw its capital and redirect it toward other financial projects, BalkanEngineer.com learned from the economic publication Romania-Insider.com.

In Romania, the MAS fund is selling a portfolio of six regional open-air retail parks (retail centers) to AFI Europe for 281.8 million euro. The properties are located in the cities of Ploiești, Zalău, Baia Mare, Roman, Sfântu Gheorghe, and Bârlad. The net payment for the Romanian portfolio will be 197.7 million euro, with the remainder covering the properties’ bank loans. The transaction in Romania is expected to be finalized by June 30, 2026.

Meanwhile, in Bulgaria, MAS is selling the closed regional mall Galleria Burgas in the city of Burgas. The buyer here is Hyprop (through the holding company Balkan Retail), which already manages the Sofia shopping center The Mall. The total valuation of the Burgas mall is 122.2 million euro, with Hyprop paying 53.5 million euro in cash and assuming the property’s existing bank debt of 73.3 million euro. The Bulgarian transaction is scheduled to be finalized by July 31, 2026.

Neither transaction requires approval from the fund’s shareholders, but both are subject to mandatory antitrust approvals from the relevant government commissions in Bucharest and Sofia, as well as the consent of the financing banks for the change in ownership.

The seller, MAS P.L.C., is a publicly traded investment company whose shares are listed on the Johannesburg Stock Exchange (JSE), and whose official corporate headquarters are registered in Malta. Until now, the fund has been one of the leading investors in retail space in Central and Eastern Europe, where it operated a large portion of its properties in partnership with the Prime Kapital development group. The current decision to sell is part of MAS’s global plan to optimize its real estate portfolio and redirect investments toward Western European markets.

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