AG Capital

What AG Capital does

AG Capital is a privately held Bulgarian-headquartered real estate investment and development group founded in 1993 by Christo Iliev. The company operates a nine-platform architecture spanning residential (BLD, Ultima Homes), Class A commercial offices (Lion's Head in JV with Old Mutual Property, Park Lane Developments), logistics and industrial (BPD), retail parks (Estrea Park in JV with Mitiska REIM and EBRD), brokerage (Realto Group with 700+ consultants), special situations and NPLs (Atland Investments, backed by Apollo Global Management and IFC), and data center infrastructure (Power Loop). As of 2025, the group reports EUR 800 million in assets under management, over 1,000 employees across AG Capital and Realto Group, and 490,000 sqm of living, logistics, and retail space under construction, with a cumulative track record of 280,000+ sqm of residential and office space built and sold. Operations span Bulgaria, Romania, and Poland, with representation offices in Dubai and Berlin.

The group generates revenue through four distinct streams: one-time property development and sales (BLD's approximately 2,000 apartments delivered plus trophy sales such as Park Lane Office Center to SAP), recurring asset and property management fees (Lion's Head's EUR 350 million office portfolio), transaction-based brokerage commissions (Realto Group), and special-situations investment returns (Atland's EUR 200 million under management). Tenant base across commercial properties is anchored by multinational enterprises — SAP, Oracle, Deloitte, EY, Bosch, Huawei, Thermo Fisher, Carlsberg, Phoenix Pharma, DB Schenker, Allianz, and Stars Group — while residential demand is served through direct-to-consumer sales channels and the Realto brokerage network. Sustainability is integrated across the portfolio, with BREEAM Excellent, LEED Gold, and WELL certifications on flagship assets and 100% renewable electricity at Megapark and Polygraphia since October 2021. Underlying technology includes Building Management Systems for energy monitoring, smart sensors for energy optimization, and EV charging infrastructure, but the group is not AI-native.

Name

AG Capital

Legal name

AG Capital

Website

https://agcapital.bg

Company type

Private

Founded year

1993

Operating status

Operating

Headcount range

101–250 employees

Short description

AG Capital is a private Bulgarian real estate investment and development group operating nine specialized platforms (residential, offices, logistics, retail, brokerage, NPLs, data centers) across Bulgaria, Romania, and Poland, managing EUR 800 million in assets for institutional investors, multinational corporate tenants, and residential buyers.

Ownership category

akta.pro rank

Product category

Real Estate Investment & Development

NAICS

All Other Financial Investment Activities (52399), Management of Companies and Enterprises (55111), Portfolio Management and Investment Advice (523940)

SIC

Real Estate Dealers (For Their Own Account) (6532), Lessors Of Real Property, Nec (6519), Real Estate Agents & Managers (For Others) (6531), Investors, Nec (6799)

akta.pro primary industry

Commercial Real Estate Asset Management (BPAJAMAB)

akta.pro secondary industries

Real Assets — Operating Platforms & Direct Investments (FSAAAKAL), Real Estate Capital Markets Advisory (Debt/Equity Placement, Refinancing) (BPAJANAE)

Keywords

• Commercial real estate development
• Residential property development
• Real estate asset management
• Logistics property investment
• Real estate brokerage services

Headquarters

HQ city

Sofia

HQ country

Bulgaria

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure, Technology or R&D

Revenue model

1. Property Development and Sales: Development and sale of residential and commercial properties through specialized platforms (BLD for residential, Park Lane Developments for commercial). Built and sold over 280,000 sqm of residential and office space.
2. Asset and Property Management: Investment, asset and property management services for owned commercial properties including offices, logistics parks, and retail spaces
3. Real Estate Brokerage: Realto Group provides real estate advisory and brokerage services with the largest network of 700+ consultants in Bulgaria
4. NPL and Distressed Asset Investment: Special situations investment through Atland acquiring distressed real estate and secured NPLs backed by Apollo and IFC

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

AG Capital is a CEE real estate investment and development group that develops, invests in, leases, and manages commercial and residential properties across Bulgaria, Romania, and Poland. Its offerings include Class A office buildings, logistics parks, retail parks, luxury and mid-market residential developments, real estate brokerage, and distressed-asset/NPL investment, operating through specialized platforms including BLD, Lion's Head, Park Lane Developments, BPD, Estrea Park, Realto Group, Atland, Ultima Homes, and Power Loop, with over EUR 800 million in assets under management.

Product overview

AG Capital operates as a diversified real estate investment and development group with a platform-plus-modules architecture. The group comprises multiple independent platforms: BLD (residential development), Lion's Head (office investment and asset management), Park Lane Developments (commercial property development), BPD (logistics and industrial real estate), Estrea Park (retail parks), Realto Group (brokerage and advisory), Atland Investments (special situations/NPLs), Ultima Homes (luxury residential), and Power Loop (data center infrastructure). Their portfolio spans commercial properties (Class A office buildings like Oregon Park, Megapark, Polygraphia Office Center), residential developments (Uptown Square, Stellar, Secret Gardens, Boyana Senses, Slow Life District), logistics parks (Logistic Park Sofia East/Varna/Ruse), and retail parks (Estrea Park). The group operates across Bulgaria, Romania, and Poland with assets under management exceeding EUR 800 million.

Differentiator

Problem solved

Functional benefit

Brands

• BLD: Residential property development company, market leader in Bulgaria with over 15 years of experience and close to 2,000 apartments delivered.
• Lion's Head
• Park Lane Developments
• BPD
• Estrea Park
• Realto Group
• Atland Investments
• Ultima Homes
• Power Loop
• Address Real Estate
• Imoteka

Products and services

• BLD (Bulgarian Land Development) Residential property development company and one of the market leaders in Bulgaria with over 15 years of experience, having delivered close to 2,000 apartments through projects including Uptown Square, Stellar, Secret Gardens, Slow Life District, and Boyana Senses, plus BLD Poland expansion in Warsaw (Ivory, Głębocka Street).
• Lion's Head Real estate investment and asset management platform owning and managing EUR 350 million of prime offices rented to global companies in Bucharest and Sofia, including Oregon Park (Romania) and Polygraphia Office Center (Bulgaria). JV with Old Mutual Property.
• Park Lane Developments Commercial property development company specializing in development and management of prime office commercial properties, including Park Lane Office Center (acquired by SAP in September 2021) and AYA Business Center (built-to-suit for MFG).
• BPD Logistics and asset management platform of AG Capital in Bulgaria and Romania, operating Logistic Park Sofia East, Logistic Park Varna, and Logistic Park Ruse with tenants including Carlsberg, Phoenix Pharma, and DB Schenker.
• Estrea Park Retail parks development platform creating convenient shopping destinations in densely populated residential areas with easy access, free parking, and a variety of retailers; designed to meet BREEAM In-Use Excellent certification with EV charging stations and bicycle racks.
• Realto Group Real estate advisory and brokerage business consolidating AG Capital's agency/brokerage operations with the largest network of 700 consultants throughout Bulgaria.
• Atland Investments Special situations investment firm acquiring distressed real estate and secured NPLs, currently with EUR 200 million under management, backed by Apollo Global Management and IFC (World Bank Group).
• Ultima Homes Investment and development company focused on high-end luxury residential properties within AG Capital's portfolio.
• Power Loop Company specializing in developing critical infrastructure for large-scale data centers.

Quantifiable outcome

• Over 280,000 sqm of residential and office space built and sold
• +3 more outcomes

Named customers13 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Mitiska REIMcoreStrategic or Co-development Partner · 1 January 2024Joint venture between Park Lane Developments and Mitiska REIM for development of retail parks across Bulgaria. Estrea Park brand created through this partnership with EBRD support.
• Old Mutual PropertycoreStrategic or Co-development Partner · 1 January 2017Joint venture partnership established in 2017 to create Lion's Head for investing and managing core and core plus office buildings in CEE region. Old Mutual Property is part of Old Mutual Group, founded in 1845 and listed on Johannesburg Stock Exchange managing over EUR 50 billion.
• Cushman & WakefieldminorChannel Partner/ Reseller/ DistributorExclusive Alliance partnership in Bulgaria with Forton C&W for commercial property services.
• Northridge CapitalminorStrategic or Co-development PartnerAG Capital's partner in the redevelopment of Polygraphia Office Center. Initially JV partners, Northridge exited in 2017 and AGC acquired 100% of Polygraphia.
• Ten Brinke GroupminorImplementation/ SI/ Consulting PartnerAG Capital's construction outsourcing partners in Germany.
• Luxury Portfolio InternationalminorChannel Partner/ Reseller/ DistributorExclusive partnership in Bulgaria with Unique Estates since 2016 for luxury real estate services.
• Christie's International Real EstateminorChannel Partner/ Reseller/ DistributorPartners with Unique Estates in Bulgaria for luxury property services.
• The Royal Institution of Chartered Surveyors (RICS)minorOthersAG Capital's senior team holds professional accreditation through RICS.

Scale indicators8 records

Recent moves10 records

Expansion highlights7 records

Direct peers

• CTP: CTP is one of the largest logistics/industrial real estate developers and owners in CEE, listed on Euronext Amsterdam with multi-billion-EUR AUM. Comparable to AG Capital's BPD logistics platform and overall CEE development and asset management model, with broader geographic reach and a similar institutional capital strategy.
• Globalworth: Globalworth is a leading CEE office landlord and developer, with significant operations in Romania (Bucharest) and Poland. Directly comparable to AG Capital's Lion's Head office platform (Oregon Park), with overlapping tenant base (Oracle, Deloitte) and a similar BREEAM-certified Class A office focus.
• GTC: Globe Trade Centre is a CEE-focused commercial real estate developer and owner operating in Poland, Romania, Hungary, and Bulgaria. Directly comparable to AG Capital's multi-country commercial platform (Lion's Head, Park Lane, BLD) with overlapping office, retail, and residential exposure.
• HB Reavis: HB Reavis is a CEE-focused office developer and asset manager with major projects in Poland, Czech Republic, Slovakia, Hungary, and the UK. Comparable to AG Capital's office development platforms (Lion's Head, Park Lane Developments) given its Class A office focus, JV capital model, and ESG-oriented development approach.
• Echo Investment: Echo Investment is a leading Polish real estate developer of office, residential, and mixed-use projects, listed on Warsaw Stock Exchange. Directly comparable to AG Capital's BLD Poland residential platform (Warsaw projects Ivory and Głębocka) and Park Lane Developments' Poland entry, given shared Polish residential and commercial development focus.
• AFI Europe: AFI Europe is a CEE-focused real estate developer and investor active in Romania, Czech Republic, Poland, Bulgaria, and Serbia. Comparable to AG Capital as a multi-country CEE real estate platform with similar development and asset management activities, including office, residential, and retail exposure.

Broad incumbents

• NEPI Rockcastle: NEPI Rockcastle is the largest retail real estate platform in CEE, listed on Euronext Amsterdam and JSE. Comparable to AG Capital's newly launched Estrea Park retail JV given overlapping retail park focus in Romania and Bulgaria, though on a significantly larger scale and with a broader regional footprint.
• CPI Property Group: CPI Property Group is the largest CEE real estate group, listed on Frankfurt Stock Exchange, with diversified office, retail, residential, and hospitality assets. Comparable to AG Capital as a broader CEE real estate platform, though substantially larger in scale and with a more public-market-oriented capital structure.
• Immofinanz: Immofinanz is a Vienna-based commercial real estate company with significant CEE operations across office, retail, and residential. Comparable to AG Capital's diversified commercial real estate focus, particularly in CEE office markets, and represents a similar institutional-quality asset management approach.
• S Immo: S Immo is an Austrian real estate investment company with significant CEE exposure across office, retail, and residential assets. Comparable to AG Capital's institutional capital model and CEE office and residential investment approach, though with a more publicly-traded structure and broader Austrian/CEE footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInbg.linkedin.com/company/ag-capital
• Xx.com/agcapital

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles20 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about AG Capital