17 Oct Mitiska REIM further expands in Poland with new retail park development
Mitiska REIM, the leading specialist investor in European convenience real estate, has today announced the opening of a new retail park development in the Polish city of Wagrowiec, in joint venture with local partner Karuzela Holding.
The new retail park has a gross leasable area (GLA) of 8,400m² spanning 13 retail units and is food anchored by a Lidl supermarket. Other tenants include a mix of popular brands for daily shopping needs such as Action, Sinsay, Kik, Tedi, Dealz, Pepco and Media Expert.
The site is conveniently located close to the city’s ring road adjacent to a McDonald’s restaurant and Mrowka DIY store and is easily accessible by car, public transport, bicycle and pedestrian access from the local residential neighbourhood. The retail park has been designed to achieve a “Very Good” score on the BREEAM in-use scale.
Mitiska REIM and Karuzela have accelerated their expansion in the Polish market, building a portfolio of 7 standing assets and 6 development projects totaling more than 150,000m² gross leasable area. This latest project is one of 3 retail parks scheduled to open this year, following the opening of a new retail park in Pulawy in April, with another retail park on schedule to open in Kolobrzeg later in October.
Janusz Botorek, Member of the Board of Karuzela Holding, said: “We originally secured the urban infill site in Wagrowiec in an off-market transaction and expect this new retail park to become very popular amongst shoppers as it is the only modern retail space in the area.”
Radoslaw Misko, Mitiska REIM’s Senior Investment Associate for Poland, comments: “Working in partnership over the past 4 years, Mitiska REIM and Karuzela have become one of the most prominent retail park investors in the Polish market.”
Sylvie Geuten-Carpentier, Managing Partner at Mitiska REIM, adds: “In addition to the retail park portfolio, Mitiska REIM has built an extensive pipeline of additional convenience real estate opportunities in Poland, including urban logistics and multi-let light industrial developments, working in partnership with local developers.”
In July this year, Mitiska REIM announced the first close at €137 million of its third flagship fund, Mitiska European Real Estate Partners 3 (MEREP 3), which aims to capitalize on the accelerating opportunity in convenience real estate across Europe, targeting grocery-anchored retail parks, last-mile urban logistics and multi-let light industrial opportunities in urban infill locations. MEREP 3 aims to substantially increase the fundraising and plans further closings in the next 12 months.