04 Feb Mitiska REIM sells German retail park to ZREV
Mitiska REIM, the leading specialist investor in European retail parks, has today announced the sale of Retail Park Braunschweig to ZREV. The retail park was originally acquired by Mitiska REIM on behalf of the First Retail International 2 Fund (FRI 2) in March 2018, in a joint venture partnership with Zamberk Real Estate Ventures (ZREV), then minority shareholder and asset manager for the project.
Located in the city of Braunschweig in north-central Germany, the retail park comprises a gross leasable area of 8,100m² over 7 units, with anchor tenants Multipolster (furniture), Fressnapf (pet supplies) and Polo (motorcycle equipment), and features parking for 180 cars.
Stefan Klug, Investment Director Germany of Mitiska REIM, comments: “Over the past 22 months, we have actively managed this retail park so that the weighted average lease term now exceeds 10 years, which made this a stable and attractive asset for divestment.”
Joseph Zamberk, Managing Director of ZREV, adds: “I am pleased to include this asset in our long term ‘family’ portfolio, having stabilized the scheme and its leases over the last couple of years.”
The sale of Retail Park Braunschweig is already the second divestment by the FRI 2 fund, which is still in its investment period.
For further information, please contact:
Co-CEO, Mitiska REIM
Tel: +32 495 502268
Investment Director Germany
M: +49 (0) 1575 4675 380