Mitiska REIM and Karuzela celebrate five-year anniversary

Mitiska REIM and Karuzela celebrate five-year anniversary

This month marks the five-year anniversary of the strategic joint venture between Mitiska REIM and its Polish partner Karuzela Holding.

Commencing in December 2018, this partnership began with the acquisition of four retail park and convenience centers with a gross leasable area (GLA) of 33,700m2 in the Polish cities of Lubliniec, Turek, Września and Wodzisław.

Over the past five years, Mitiska REIM and Karuzela have gone on to develop a further five retail park and convenience centers across Poland, representing a GLA of 72,100m2. Six more developments are planned to open in 2024/25, creating a total portfolio of 160,000m2 of modern retail space.

Working closely as co-investment partners, Karuzela has been very successful at leveraging its strong local network and expertise to source off-market deals and manage new development projects. The Mitiska REIM team in Poland has been actively supporting Karuzela by providing access to equity capital, investment assessment and monitoring, transaction structuring and bank financing, in addition to ESG expertise and access to Mitiska REIM’s strong network of retailer relationships across Europe.

Commenting on the joint venture partnership, Janusz Botorek, Member of the Board of Karuzela Holding, said: “We are delighted to celebrate our 5th anniversary of working with the Mitiska REIM team in a partnership which continues to be very valuable for both parties. By working closely together and combining our strengths, we have been able to achieve much more than we could have individually.”

Grzegorz Pekalski, Member of the Board of Karuzela Holding, adds: “We continue to see great opportunities in the Polish market. By targeting urban infill locations where our assets become the most important and modern convenience retail destinations in the area, we have had significant success in attracting retailers and driving shopper footfall.”

Sylvie Geuten-Carpentier, Managing Partner of Mitiska REIM, comments: “We have built a true partnership with the Karuzela team and look forward to continuing our joint success and expanding our footprint in Poland. As one of the fastest growing economies in Central Europe, our portfolio of assets continues to benefit from increasing consumer demand for quick and convenient shopping.”

To celebrate their five-year anniversary, Mitiska REIM and Karuzela have compiled a virtual property tour of six assets in the Polish portfolio. To view the video, please follow this link.