10 Feb Mitiska REIM and Poseidon Group sell Belgrade’s largest retail park to BIG Group
Mitiska REIM, in partnership with Poseidon Group, today confirmed the sale of Capitol Park Rakovica to Israeli-headquartered BIG Group.
Capitol Park Rakovica was a redevelopment of a disused brownfield factory site that created the largest retail park in the Serbian capital Belgrade. It opened in October 2017 with a gross leasable area of 19,700m2, offering 30 shops and parking for more than 700 cars. A second phase development in 2018 further broadened the retail mix and extended the park to over 22,000m2 GLA. A third phase opened in November 2019 bringing the location to over 25,000m2 GLA. The investment in Capitol Park Rakovica was made by Mitiska REIM on behalf of the First Retail International Fund (FRI) and co-investment partner Poseidon Group.
Axel Despriet, Co-CEO of Mitiska REIM, comments: “The development and sale of Capitol Park Rakovica is a classic example of Mitiska REIM’s value-add and investment approach, converting an abandoned industrial facility and site into a retail park of the highest international standard, and delivering significant value to the city district of Rakovica, its inhabitants and all stakeholders involved.”
Poseidon Group COO, James Gunn, added: “We thank local residents in Rakovica for making Capitol Park become an entertainment and shopping location of choice in Belgrade. Poseidon and Mitiska REIM look forward to watching the future success of the scheme in the years ahead.”
About Poseidon Group:
Poseidon Group’s Capitol Park brand is part of a property portfolio comprising more than 310,000m2 of built and managed retail outlets across SE Europe, 90,000m2 used by supermarkets, and more than 1,000 residential buildings in planning and construction. Owned, developed and managed by Poseidon Group with its SE Europe local teams and network of offices in Bosnia, Croatia, Serbia and Slovenia, it strives to become the region’s leading retail park operator. Providing an international shopping experience at affordable local prices, the London-based company plans to operate 30 retail parks and neighbourhood centres by the end of 2020.