27 Jun Mitiska REIM – Our past year in numbers…
Over the past 12 months, we have realised significant divestments of portfolios and assets from earlier funds as we continue fundraising and deploying capital for our latest fund, MEREP 3.
Here’s our past year in numbers…
€500 million in divestments
Successful exits of portfolios and assets in Romania, Belgium, Portugal and France have realized over €500 million and resulted in excellent returns being delivered to investors.
1 fund fully divested
During that past year, all assets in our first flagship fund, FRI, were divested, delivering investors a net IRR of 14% and a net MOIC of 1.9x.
1 new fund launched
In December last year, Mitiska REIM launched a new fund with a gross asset value of €280 million, First Retail Partners (FRP), backed by Partners Group and focusing on core+ retail park assets.
€193 million capital raised
Fundraising for the MEREP 3 fund continues towards our target of €300 million and capital has already been deployed targeting the outstanding buying opportunities we are currently seeing in convenience real estate, spanning food-anchored retail parks, multi-let light industrial, self storage and urban logistics.
9 new assets acquired or opened
Our investment program has remained strong, with the acquisition of 2 new convenience real estate projects and the opening of 7 new development projects during the past 12 months, representing a total gross leasable area (GLA) of 116,000 sqm.
13 projects under development
At present, we have 13 development or value-add extension projects underway which are scheduled to open in 2024-25, representing a mix of retail parks, multi-let light industrial, self storage and urban logistics projects, spread across 6 European countries.
3 awards won
Over the past year, Mitiska REIM has scooped up 3 industry awards, winning Best Retail Park at the BLSC Excellence Awards for Malinas retail park, and Retail Project of the Year in both the Baltic Real Estate Awards and CEE Retail Awards in partnership with Karuzela Holding for new retail park developments in Świebodzin and Biala Podlaska.
1,200,000 sqm gross leasable area
The gross leasable area (GLA) invested or developed by Mitiska REIM over the past decade now totals approximately 1,200,000 sqm across 94 properties in our 11 European markets of Belgium, The Netherlands, France, Germany, Spain, Portugal, Romania, Bulgaria, Poland, Czech Republic and Slovakia.
85% of BREEAM certifications “Very Good” or better
Mitiska REIM is a frontrunner in the retail park market regarding BREEAM certification, achieving full certification of operational retail park assets during 2023. At the end of last year, 85% of the BREEAM certifications received thus far across the convenience real estate portfolio were “Very Good” or better.
100% coverage of energy consumption data
As part of our sustainability initiatives, significant progress was made on data coverage within standing assets, achieving 100% coverage of energy consumption data at the end of last year.
70% green leases
One strand of our ESG program is to reduce greenhouse emissions across our standing assets and, by working in partnership with tenants, we have been very successful at transitioning to green leases with these comprising 70% of new leases signed during 2023. To find out more about Mitiska REIM’s ESG initiatives, please read our latest ESG Report by following this link.
41 team members
Our team has continued to expand over the past 12 months, and we now have 41 professionals across investment operations and the investment platform. We are proud to have a 39% female representation across a team of 8 different nationalities speaking 10 different languages.
Past performance is no guarantee of future results. Investment in MEREP 3 is open to professional investors only. MEREP 3 is a private AIF under the Belgian 2014 AICB Law. Mitiska REIM is a licensed alternative investment fund manager under the Belgian 2014 AICB Law. Mitiska REIM acts in its capacity as fund manager (AIFM) of MEREP Light Industrial, MEREP 3 and FRP, and fund advisor of FRI and FRI 2.