The winter semester of the Master’s Program "Property and Facility Management", taught by Ms. Bisera Ivanova, began with the topic “Similarities and Differences between Asset, Property, and Facility Management”. The lecture series concluded with the same topic and a guest lecture by Mr. Yavor Kostov.

Yavor Kostov, a manager with more than 20 years of experience in real estate, investments, and asset portfolio management, delivered one of the most engaging lectures of the semester. The second part of his lecture was presented to students on January 6, 2026.

He continued his presentation on the topic of “Commercial Real Estate”, focusing on office, retail, industrial spaces, and hotels, as well as investments in these asset classes, types of investors, and investment strategies. Yavor Kostov emphasized the lower demand for industrial logistics space and the higher demand for manufacturing facilities in Bulgaria, due to the specific characteristics of the Bulgarian economy.

A particularly interesting part of the presentation was the introduction of alternative asset classes for investment—hospitals and hospices, schools and campuses, residential rental portfolios, and senior living facilities—assets and services that are expected to become increasingly important in the country.

He also addressed the question of how to preserve the investment value of real estate:

• through better maintenance and modernization;
• through ESG practices;
• by optimizing costs and revenues.

The mix and diversity of services in shopping centers and larger office projects are essential for maintaining the interest of users and tenants. Shared office spaces are taking on an increasingly important role within the service mix of large office developments.

At the conclusion of the presentation, one of the initial questions was revisited: what is the difference between asset management and property management? According to the guest lecturer, asset management is more concerned with the strategic management of properties, while property management focuses on their operational management. Together, they are essential for the successful operation of any project and for preserving and increasing its investment value.

The guest lecture was delivered as part of the lecture series of Ms. Bisera Ivanova, a lecturer at the Faculty of Economics and Business Administration of Sofia University “St. Kliment Ohridski” in "Property and Facility Management", with the aim of broadening students’ knowledge by adding another business perspective. The Master’s Program "Property and Facility Management" brings together lecturers with practical business experience and students who seek to further develop their skills and knowledge in the field of real estate.