Mitiska REIM makes first acquisition in France
Mitiska REIM, the leading specialist investor in European retail parks, has today announced its first French acquisition, Retail Parc Val Saint-Clair in Hérouville-Saint-Clair near Caen, acquired from Klépierre. This continues Mitiska REIM’s European expansion, having entered both the German and Spanish markets during the past 12 months.
Retail Parc Val Saint-Clair is an existing income-producing retail park, comprising 18 units with a gross leasable area of 13,500m2, and parking for 630 cars. The site is adjacent and linked to a Carrefour hypermarket, and tenants include a range of national and international brands including Electro Depot, Action, Sport 2000, KFC, Chaussea and Maxi Zoo.
Commenting on the acquisition, Axel Despriet, CEO of Mitiska REIM, said: “Following our value-add investment approach, we plan to reposition the property as a local convenience shopping hub, by bringing in additional anchor tenants to serve shopper’s daily needs, combined with a new marketing plan to increase the visibility of the centre.”
Luc Geuten, Chairman of Mitiska REIM, adds: “Since the closing of our FRI 2 fund in December last year, our focus has been on extending the portfolio of investments across our Western, Central and Eastern European markets. This first acquisition in France, combined with our recent acquisitions in Germany and Spain, has consolidated Mitiska REIM’s position as Europe’s leading specialist investor in retail parks.”
Mitiska REIM has built a portfolio of 45 retail across Europe and has generated a strong pipeline of additional investment opportunities. Over the last year, Mitiska REIM has been steadily growing its European investment team, and last month appointed Pierre Rochard, joining from Carrefour, as Investment Manager France.
About Mitiska REIM
Mitiska REIM is Europe’s leading specialist investor in retail parks, focusing on open-air commercial parks above 3,000m2 and at least five retailers, offering convenient shopping, ample free parking and affordable infrastructure. Properties typically offer a mix of necessity-driven retail brands, anchored by a major food store which drives daily footfall.
In just four years, Mitiska REIM has built a portfolio of 33 income producing retail parks and 12 retail park development projects, representing +/-360,000m² GLA across Belgium, France, Germany, Spain, Romania, Poland, Czech Republic and Serbia. With over 20 years’ experience, Mitiska REIM are experts in both retail operations and retail real estate, and has built strong relationships with leading national and international retails brands.
Mitiska REIM’s investment model is partnership driven, positioning itself as an active, value-adding investor, in collaboration with experienced local co-investment partners in respective geographies. Its approach is to unlock opportunities and drive superior value creation through the execution of development projects, refurbishment, redevelopment and repositioning of standing assets, and skilled active asset management.
In December 2016, Mitiska REIM also announced the successful final closing of its second fund, First Retail International 2 (FRI2), at €223 million. Allowing for gearing the fund’s gross investment capability is up to €500 million.
For further information, please contact:
Investment Manager France
Tel : +33 679 59 19 87
Head of Investor Relations & Corporate Communications
Tel: +32 495 502268