18 Dec Mitiska REIM sells six retail parks to Immofinanz
Mitiska REIM, the leading specialist investor in European retail parks, has today announced it has agreed, on behalf of the funds it advises, the sale of two Czech and four Serbian retail parks to Immofinanz AG following the successful completion of its value creation programme.
The two Czech properties are located in Prague and the northwestern city of Litvinov and represent a combined gross leasable area (GLA) of 14,700m2. Both retail parks are new development projects by Mitiska REIM which opened in 2017 and 2018 and host a wide range of international and local retailers including Pepco, KiK, Dráčik, Deichmann and JYSK. Both properties are located adjacent to existing Kaufland and Lidl supermarkets, representing strong anchors driving daily footfall.
The four Serbian retail parks are new development projects undertaken by Mitiska REIM and its co-investment partner in Serbia, Poseidon Group, and opened between 2014 and 2019. Located in the cities of Zaječar, Leskovac, Sombor and Šabac, the retail parks represent a total GLA of 28,200m2 and major tenants include the supermarkets Tempo and Maxi, as well as other leading retailers such as Deichmann, DM, C&A, Jysk and H&M. In addition, the retail parks in Zaječar and Sombor are both adjacent to Lidl supermarkets.
Axel Despriet, Co-CEO at Mitiska REIM, comments: “The sale of these six retail parks represents the completion of our value creation program, which for development projects involves finding urban infill locations where we see an opportunity to create value in convenience real estate. Retail parks continue to be one of the strongest investment opportunities in the retail sector, and we are actively looking for new opportunities across Europe.”
Tomas Cifra, Investment Director CEE at Mitiska REIM, comments: “We are very pleased to have concluded this transaction with Immofinanz, and that our retail parks have found a new stable home at a reputable strategic buyer with a clear vision and strong ambition with regard to retail parks.”
Dietmar Reindl, COO at Immofinanz comments: “With this latest acquisition Immofinanz increases the number of retail parks under its successful STOP SHOP brand to 98. Our plans include a further increase to 140 STOP SHOP over the medium-term, whereby we intend to focus on our markets in CEE, Southeast Europe and Austria and selective entry into other West European countries.”
About Mitiska REIM
Mitiska REIM is headquartered in Belgium and is Europe’s leading specialist investor in retail parks and convenience centres, 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.
With over 40 years’ experience, Mitiska REIM are experts in both retail operations and convenience real estate, and have built strong relationships with leading national and international retail 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 and value-add acquisitions with subsequent active asset management.
In just 8 years, Mitiska REIM has raised 2 closed-ended funds (FRI and FRI 2) and built a portfolio of more than 70 properties representing over 700,000m² GLA across 11 countries (Belgium, The Netherlands, France, Germany, Spain, Portugal, Romania, Poland, Czech Republic, Slovakia and Serbia).