Mitiska REIM sells Czech retail park to real estate fund of Fio banka

Mitiska REIM, the leading specialist investor in European convenience real estate, has announced the sale of Retail Park Strakonická in the Czech city of České Budějovice to Fio Real Estate Fund.

Originally acquired in December 2022 on behalf of the FRI 2 fund in partnership with Asset Services, this value-add project involved the repurposing of an existing Albert hypermarket and the construction of an extension to create a modern grocery-anchored retail park, which opened in November 2023.

Conveniently located on a main road in the city of České Budějovice in Southern Bohemia, the retail park has a gross leasable area (GLA) of 10,900m², comprising 13 retail units and parking for nearly 300 cars. Grocery-anchored by an Albert supermarket, other tenants include Action, TEDi, DM drogerie Markt, KIK textil, GATE, PLANEO, BOELS and Dr. Max.

In terms of sustainability, the retail park has received an “Excellent” BREEAM certification, with LED lighting installed throughout the center and solar panels planned to be installed on the roof area during the next year.

David Tejml of Asset Services comments: “We early on recognized the redevelopment potential of this former hypermarket site, which enjoys a key strategic location within the city. Since opening two years ago, Retail Park Strakonická has become a go-to shopping destination for both people in the city and the wider catchment area.”

Tomas Cifra, Mitiska REIM’s Managing Director for Romania, Czech Republic, Slovakia and Bulgaria, adds: “We continue to see a solid pipeline of opportunities both in the Czech Republic and across our European markets to repurpose existing buildings and redevelop them to create modern, successful and sustainable retail parks and convenience centers. Retail Park Strakonická is a great example of this value-add approach, with the retail park now being successfully divested on the completion of our redevelopment and asset management programs.”

Mitiska REIM was advised on the transaction by Kinstellar, CBRE and Moore Czech Republic.

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About Fio banka

Fio banka is a purely Czech bank. It represents a unique combination of a low-cost internet bank and a wide network of branches. It offers a wide range of products for personal and corporate finance solutions as well as its own applications for online investing. It continues the history of the Fio Financial Group in the Czech market, which dates back to 1993. It was the first financial institution in the Czech market to introduce Internet banking (1998), the Smartbanking mobile application (2011) and its own API (2012), and was one of the first in the Czech Republic to support contactless payment cards.