In a Nutshell
- Polish Renters.pl, the largest operator of vacation properties in CEE, acquired a majority share in the Bulgarian Flat Manager.
- This is the first international transaction carried out by the Polish company, a property management company whose aim is to consolidate the market throughout the region.
- The deal was with the support of the Enterprise Investors equity investment fund.
From Side Hustle to Business Ventures
Renters is taking the first step in its international expansion strategy by acquiring its equivalent in the Balkans – Flat Manager. The Bulgarian company, founded by Boris Pavlov, began as renting flats on Airbnb. Later on, the side venture turned into a business.
Flat Manager currently manages nearly 600 apartments in 14 cities across Bulgaria, with most of the properties rented short-term through platforms like Airbnb and Booking.com.
Flat Manager’s business travel and corporate accommodation services are utilized by international consulting, IT, and financial companies, embassies, and other organizations. Flat Manager aims to continue to grow its portfolio of properties in Bulgaria.
In Their Own Words
“For these 7 years, we have been able to prove that the most valuable asset of a company is its team. Happy that we have found people who share this vision in the person of Renters and Enterprise Investors and with whom Flat Manager will undoubtedly reach new heights,” says Boris Pavlov, who remains on the board of the directors of the company.
“With this transaction, we not only increase our portfolio, but also receive valuable know-how, experience from the Bulgarian market and fantastic partners,” says Kamil Kzhizhanovski, CEO director of Renters.pl. “Our approach is based on synergies, we strive to use the good practices of both organizations without imposing our methods and operational processes. We believe that by combining the skills and unique experience of both companies, we will be able to create and impose future trends in our industry in the Central and Eastern Europe region.”
