10 Jan Mitiska REIM secures €50 million co-investment from EBRD
Fundraising for MEREP 3 value add-fund reaches €290 million
Mitiska REIM, the leading specialist investor in European convenience real estate, has today announced it has secured a €50 million co-investment alongside the MEREP 3 value-add fund from the European Bank of Reconstruction and Development (EBRD). Along with other investments, this brings the total funds raised so far by MEREP 3 to €290 million.
MEREP 3 (Mitiska European Real Estate Partners 3) is the third flagship fund from Mitiska REIM and focuses on the accelerating opportunity in convenience real estate across Europe, targeting food-anchored retail parks, multi-let light industrial, self storage and urban logistics projects. MEREP 3 aims to capitalize on the increasing demand from a growing range of end users for urban infill sites that offer accessible locations, affordable buildings, flexible design and sustainable solutions.
EBRD will co-invest alongside MEREP 3 via a Belgian “private privak” investment vehicle, the EBRD CIV Fund, targeting investments in Mitiska REIM’s CEE markets, with Mitiska REIM acting as the discretionary manager of the fund.
MEREP 3’s investment strategy focuses on light to heavy value-add investments including repositioning, reconfiguring and retrofitting of existing properties and risk-mitigated development projects. This latest fund builds on the strong track record and performance delivered by the preceding funds, which have delivered attractive returns to investors over a range of different economic conditions.
The fund has already committed €110 million to a well-diversified portfolio of convenience real estate investments, with a robust pipeline currently under due diligence and negotiation. A final closing of the fund is planned for the first quarter of 2025.
Sylvie Geuten-Carpentier, Managing Partner of Mitiska REIM, comments: “We are delighted to have EBRD as a co-investor alongside MEREP 3 and for supporting the growing investment opportunity we see in convenience real estate. As we move towards a final closing of the fund in the first quarter of this year, we are well on track to surpassing our original fundraising target of €300 million.”
Vlaho Kojakovic, Director of Real Estate at EBRD, said: “We are thrilled to partner with Mitiska REIM to support the growth of green and sustainable commercial real estate assets across CEE markets. Mitiska REIM’s expertise and proven track record make them an ideal partner in driving forward these initiatives, ensuring long-term value creation for all stakeholders involved.”
Axel Despriet, Managing Partner of Mitiska REIM, adds: “Throughout 2024, we have seen increasing tailwinds in support of convenience real estate due to resilient fundamentals and strong occupier demand. We believe that this year and next could become an exceptional vintage and that the track record, liquidity and specialist know-how of Mitiska REIM makes us well-placed to capitalize on this opportunity.”
About EBRD
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiatives in 36 economies across three continents. The Bank is owned by 73 countries as well as the EU and the EIB. EBRD investments are aimed at making the economies in its regions competitive, inclusive, well governed, green, resilient and integrated.
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.