ACROSS: From Free Intern to Regional Real Estate Leader: Let’s begin with your professional background. How did your career evolve, and what led you to BALFIN Group?
Csaba Toth: My career in real estate has spanned more than 25 years, with a strong focus on Central and Eastern Europe as well as the Balkans. It all began with a moment of inspiration. I attended a lecture by Sándor Demján, one of the well-known businessmen and entrepreneurs from Hungary and one of the leading minds behind TriGranit (one of the largest privately owned real estate platforms in Central Europe), and I was so impressed that I offered to work for him for free. I was fresh out of university, but he accepted my offer. That risk paid off, and I spent the next 18 years at TriGranit, one of the most influential real estate developers in the region.
My time there covered virtually every vertical in the real estate sector: financing, asset and property management, and large-scale development projects. I spent ten years abroad, leading and supporting development projects in six countries including Poland, Romania, Croatia, Slovenia, and more.
Later, I joined Prime Kapital in Romania, where I gained valuable insights into asset acquisitions and retail parks. After that, I led the hospitality department at CBRE Hungary, adding hotel and tourism assets to my expertise. When I joined BALFIN in April of last year, I brought with me a comprehensive, 360-degree view of the real estate industry, from finance to construction to operations. It has been an exhilarating challenge.
ACROSS: What are your main responsibilities at BALFIN and how has your role evolved since joining?
Toth: The position I hold today didn’t exist before. BALFIN created the Vice President of Asset Management role specifically to consolidate its growing portfolio and bring international strategy and structure to it. My responsibilities include overseeing our entire operational portfolio, which consists of shopping malls, retail parks, hotels, resorts, and multi-use developments.
But more than just overseeing the day-to-day, I aim to introduce long-term strategic thinking, international best practices, and a robust asset management framework. I also leverage my international network to support BALFIN’s ongoing expansion into new markets.
ACROSS: Speaking of expansion, what international markets is BALFIN targeting?
Toth: Our expansion strategy is tiered, but we have identified Italy, Austria, Greece, and the United States as our core focus. We already have a presence in Austria and are actively establishing offices in the other countries. Currently, we’re in due diligence or exclusivity on three major investment deals that we hope to close soon. Our initial focus abroad is on hospitality and residential projects, areas where we believe there are strong value-add opportunities.
ACROSS: Let’s turn to retail. How important is the retail sector to BALFIN Group?
Toth: Retail is central to BALFIN’s DNA. We are pioneers in shopping mall development in the Western Balkans. However, we understand that retail is evolving. That’s why we are integrating entertainment and leisure concepts into our malls in Tirana and Skopje. These are not just additions but strategic enhancements designed to increase footfall, tenant mix sustainability, and customer engagement.
Moreover, we are aggressively growing our retail park portfolio to extend modern retail offerings beyond capital cities. This initiative is especially important in Albania, Kosovo, and North Macedonia, where secondary cities lack organized retail infrastructure. Our joint venture with Big CEE is instrumental in achieving this goal.
ACROSS: Why has retail park development been slower in your region compared to Serbia?
Toth: The answer lies in the land acquisition process. It’s extremely fragmented. Large land parcels are often owned by dozens of individuals, many of whom live abroad or have unclear inheritance claims. Without deep local knowledge, it’s nearly impossible to secure these plots. That’s where BALFIN adds tremendous value – we have the local presence, connections, and legal expertise to navigate these challenges.
ACROSS: How are retailers responding to your retail park strategy?
Toth: Very positively. Established retailers in the region are eager to expand with us, and new brands are also entering. BALFIN’s portfolio approach enables us to negotiate broader, more scalable agreements rather than piecemeal store deals. We’re also in a unique position to offer franchise, logistics, and operational support, which is especially appealing to new market entrants.
ACROSS: Which major brands are currently missing in Albania?
Toth: The most requested brand is undoubtedly IKEA. Beyond that, entire retail segments remain underdeveloped – pet supplies, children’s goods, affordable fashion, and certain specialty stores are notably absent. As we expand, we’re looking to address these gaps without undermining the existing ecosystem.
ACROSS: What can you tell us about the expansion of TEG, your flagship mall in Tirana?
Toth: The expansion will significantly enhance the entertainment and F&B offerings, while also creating space for premium and mid-range fashion brands. Albanians have a strong fashion sense and appreciation for brand quality. We’re also improving infrastructure, particularly parking, by introducing multi-level solutions that optimize space and accessibility.
ACROSS: Will the retail park developments compete with your malls?
Toth: Not at all. They serve different demographics and needs. Retail parks offer convenience and affordability to suburban and rural populations, whereas malls provide a broader, more experiential offering. We see them as complementary.
ACROSS: Let’s shift focus to other asset classes. How do hospitality and residential assets fit into your broader strategy?
Toth: BALFIN has always been a diversified group, active in finance, retail, hospitality, and real estate. In our core markets, retail will continue to dominate. But internationally, especially in more mature retail environments, we see greater opportunity in hospitality and residential.
ACROSS: What message would you send to European retailers considering entry into the Western Balkans?
Toth: Come and see for yourself. The region’s potential is not captured in spreadsheets or reports. It’s vibrant, social, and consumer-oriented. But entering blindly is risky. You need a partner – and BALFIN can offer a complete entry solution from logistics to franchise operations.
ACROSS: Are there plans to brand your retail parks under a single identity?
Toth: We are discussing it. Branding is under consideration and will likely take shape in the next six months as the portfolio scales.
ACROSS: How would EU membership affect your business?
Toth: It would be a game-changer. It would remove logistical and regulatory barriers and transform the region from fragmented micro-markets into a unified economic zone. It would also significantly boost retailer confidence and investment.
ACROSS: Why are major international real estate agencies underrepresented in your region?
Toth: Many try to cover the region remotely from cities like Belgrade or Zagreb, but this model doesn’t work. You need local offices to truly understand and serve the market. There’s a real opportunity for any firm willing to be bold and invest in an on-the-ground presence.
ACROSS: Do you manage your own data and benchmarking?
Toth: Yes, we have no choice. There’s a lack of reliable third-party data, so we benchmark internally. Moreover, due to a limited outsourcing ecosystem, we manage almost all property functions in-house – cleaning, security, facility management, and more.
ACROSS: How important is sustainability for BALFIN?
Toth: It’s vital. We have a huge footprint in the region, and that comes with responsibility. Sustainability is about more than solar panels – it’s about governance, environmental impact, and community engagement. It’s encouraging to see our younger employees pushing for higher standards. Sustainability isn’t a mandate from above; it’s a shared value throughout the organization.
ACROSS: Do customers respond to sustainability efforts?
Toth: Increasingly, yes. Price and quality remain primary drivers, but consumers are starting to prefer brands and venues with a strong sustainability track record.
ACROSS: What role does digitalization and PropTech play in your strategy?
Toth: A major one. We’re investing in digital tools to automate benchmarking, analyze customer data, and enhance tenant interactions. We want to turn our data into actionable insights. There’s no need to reinvent the wheel – we’re exploring proven PropTech solutions used in more developed markets.
ACROSS: In a nutshell, what will BALFIN stand for in the coming years?
Toth: BALFIN is here for the long haul. We are strategic, committed, and locally rooted but globally minded. We believe in thoughtful, sustainable growth and strong partnerships. Whether you’re a brand, an investor, or a public sector partner, you can rely on us.
Csaba Toth
From humble beginnings as an unpaid intern to leading one of Southeast Europe’s most dynamic real estate portfolios, Csaba Toth has seen it all. As Vice President of Real Estate Asset Management at BALFIN Group, he drives forward the company’s rapid expansion across the Balkans and into Western markets, the transformation of retail through entertainment and digitalization.
