Mitiska REIM and Karuzela Holding secure €40 million refinancing with mBank for four Polish retail parks

Mitiska REIM and Karuzela Holding secure €40 million refinancing with mBank for four Polish retail parks

Mitiska REIM, the leading specialist investor in European convenience real estate, has today announced it has secured a €40 million refinancing with mBank for a portfolio of four Polish food-anchored retail parks.

Representing a combined gross leasable area (GLA) of nearly 34,000m2, the convenience centers are located in the cities of Września, Turek, Lubliniec and Wodzisław Śląski, and were developed by Mitiska REIM’s Polish partner, Karuzela Holding, and are owned in joint-venture with the FRI 2 fund. All are food-anchored by a supermarket and 100% let, and since opening have become the dominant retail schemes in their respective areas. In terms of sustainability, each retail park has achieved a “Very Good” score on the BREEAM scale.

Mitiska REIM and Karuzela Holding plan to use the proceeds of this long-term senior debt financing to repay existing debt and fund further development projects in Poland.

Grzegorz Pekalski, Member of the Board of Karuzela Holding, comments: “The success of this refinancing is due to the quality of the assets and the ongoing appeal of the retail park sector. The four retail parks in this portfolio are stable and income-producing assets, with strong and diversified tenant mixes, on sites which have become the go-to retail destinations for daily needs in their area. The retail park sector has proven its resilience through a range of different economic cycles and has become increasingly attractive to financing partners, investors, retailers and shoppers.”

Sylvie Geuten-Carpentier, Managing Partner at Mitiska REIM, said: “We are delighted to extend our strategic partnership with mBank as our financing partner in Poland and are very grateful for their support throughout the process, resulting in a deal which is mutually beneficial for all parties. This refinancing is another successful milestone for Mitiska REIM and Karuzela as we continue to progress assets through their value-add and development programs to reach core status.”

Tomasz Niewola, Head of Structured Finance and Head of Investment Banking at mBank, adds: “We are really pleased to extend the financing for the four Karuzela retail parks in good locations in mid-size Polish cities. We value a lot Mitiska REIM and Karuzela’s know-how in convenience real estate in the European and Polish markets and the teams’ commitment to environmental, social and governance aspects across all aspects of their business activities.”

Over the past five years, Mitiska REIM and Karuzela Holding have built a portfolio of 11 food-anchored retail parks in Poland, with a GLA of 128,000m2. Additional retail parks are planned to open in the next two years, increasing the total portfolio to 160,000m2 GLA of modern retail space.