04 Mar MITISKA REIM achieves successful exit of a Belgian retail park
MITISKA REIM is pleased to announce that it has sold on behalf of “First Retail International” (FRI), 100% of the shares of the “Dansaert Retail Park NV” company. The retail park has been acquired by the Belgian real estate investment company Bimmo.
Dansaert Retail Park NV owns the retail park “Dansaert Park” in Groot-Bijgaarden, Belgium. “Dansaert Park” is a 8.300 m² GLA modern retail park with 240 free parking spaces situated next to exit 11 of the Brussels ring road. The newly developed retail park (2015) features 7 shops, 2 restaurants and 1 fitness center with tenants who are all national leaders in their product category: McDonald’s, Pizza Hut, Ava, Hunkemöller, ZEB, JBC, E5-Mode, Bio Planet and Jims. The retail park is 100% let and is part of a larger business park initiated by MITISKA REIM.
Jan Du Bois, Director at MITISKA REIM, said: “The sale of “Dansaert Retail Park NV” is in line with our fund strategy, to identify and implement development and value-adding initiatives in the European retail park niche, and then crystallize that value by selling when investor demand is strong. A strong investor demand for high quality retail parks combined with low interest rates suggested timing was right to dispose of this investment.”
Axel Despriet, CEO at MITISKA REIM, added: “We are delighted with the outcome of this sale transaction as we have been able to deliver superior returns to our investors way above the fund’s return target. This is a strong prove of concept of our fund’s strategy based on specialist retail park expertise, commitment and energy of the MITISKA REIM team supported by the guidance of the fund’s experienced board of directors throughout the investment cycle. We are committed to continue this European specialist retail park investment strategy throughout the follow-up fund “First Retail International 2” (FRI 2) which has held a 1st close at 113 million EUR mid February 2016.”
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