23 Sep MITISKA REIM acquires Capitol Park Sabac in Serbia
MITISKA REIM, a Brussels-based real estate investment management company, has acquired an 85% interest in the retail park Capitol Park Sabac in Serbia. MITISKA REIM made this investment on behalf of its specialist real estate fund “First Retail International” (FRI). This acquisition is the first realisation of the exclusive country partnership between MITISKA REIM, manager of FRI, and Poseidon Group, the developer of Capitol Park Sabac. Poseidon Group remains with a 15% stake.
The first retail park in Sabac opened its doors to the public on 3 April 2014 and became a primary shopping destination in Sabac. More than 100 VIP guests and 20,000 visitors on the opening day proved that Capitol Park abac benefits from a catchment of 130,000 inhabitants living within the municipality.
Capitol Park Sabac is located directly next to a strategically vital ring road connecting the towns of Sabac and Loznica, enabling an excellent approach for vehicles, and includes a daily public transportation link between the Sabac retail park and town centre.
The project includes a retail area of 9,622 m² on a 27,000 sq m² site, comprised of 17 retail premises ranging from 13 to 3,000 sq m and 395 parking spaces. The scheme was 95% pre-leased to 16 national and international renowned retailers such as Tempo (Delhaize), Takko, Deichmann, Jysk, C&A, New Yorker, Lilly, Pertini, Sport Vision and Djak. It is expected that the first phase of the retail park will be 100% leased by the end of the year, creating the first retail destination in Sabac.
Due to demand for retail premises of smaller sizes, the second phase of construction will soon follow. A new and separate object will be constructed and will include four retail units ranging from 30 to 100 sq m.
Karel De Bondt, Real Estate Director CEE at MITISKA REIM, said: “We are excited about the acquisition of this wellreceived retail park for various reasons. First, we have added a very well performing asset to our CEE portfolio.Furthermore however, this acquisition also means the entry into a new, promising market and the kick-start of an equally promising collaboration with Poseidon Group.
“During the due diligence process we had the opportunity to get to know the Poseidon team as professional, diligent and hands-on. We sincerely appreciate the rare combination of strong local in-depth knowledge and execution capabilities, with institutional, methodological and transparent operating and reporting procedures. We look forward to working and growing together in the years to come.
“As we strive to be in other countries as well, together with Poseidon we hope to be an expansion platform for our valued retail partners in Serbia.
We plan to build a portfolio of up to six similar retail parks in Serbia in the next 5 years.”
James Gunn, Director at Poseidon Serbia, confirmed: “After the successful opening of our latest retail park in the region, Capitol Park Sabac and the planned opening of two further retail parks in Serbia in the first half of 2016, we are pleased to have found an institutional, co-development and financing partner with an established track record of retail success across Europe.
“Poseidon has been present in Serbia for over ten years. We believe that the country is ready and the tenant demand is strong enough to commit to our programme of Capitol park developments. We fully look forward to cooperating together with MITISKA REIM and FRI.
“The new partnership combines a winning blend of international expertise and local, in-depth knowledge and knowhow. Through our long-term signed commitment we look forward to creating a strong portfolio together.”
About Poseidon Group:
Poseidon Group is a family office. As a 100% private company it manages the investment trusts for a single family.These investments are concentrated in the real estate sector and mining sector.
Poseidon Property is the property arm of Poseidon Group focusing on the UK, CEE and SEE markets. Poseidon Property has a track record of successfully co-investing with institutional and private investors since 2001. Principally it provides development, project, leasing and asset management services to its co-investors.
We manage developments and investments in the retail, office, residential and tourist resort sectors with our strong determined focus on the retail sector, principally retail parks.
For further information, please contact:
Karel De Bondt, Real Estate Director CEE, MITISKA REIM – Tel.: +32 2 583 19 50 – email: firstname.lastname@example.org
James A Gunn, Director, Poseidon Serbia – Tel: +381 (0) 11 328 4605 – email: james.gunn@Poseidon-gp.com