Mitiska REIM transforms Dutch retail convenience center

Mitiska REIM transforms Dutch retail convenience center

Mitiska REIM, the leading specialist investor in European convenience real estate, has today announced it has completed a transformation of Retail Centre De Lely, located in the Dutch city of Arnhem. Acquired by Mitiska REIM in July 2018, a 30-month value-add programme has now been completed which has transformed the look, layout and tenant mix of the convenience center.

As part of the value-add programme, the floor plan and size of units have been optimized, increasing the gross leasable area (GLA) from 10,805sqm to 11,670sqm and lease contracts have been regeared. Two new non-food destination retailers, JYSK and ToyChamp, have joined existing food anchors Lidl and Jumbo, with other tenants including Kik, Kruidvat, Meltem Plaza and Esso Express. The exterior of the convenience center has also been transformed with the construction of a new atrium entranceway, modern cladding added to exterior walls, and improved visibility and branding.

The redevelopment of Retail Center De Lely has achieved a ‘Very Good’ score on the BREEAM scale and the installation of solar panels on the roof of the complex as well as electric car charging stations are planned for summer this year.

Bram Thomas, Mitiska REIM’s Investment Director for Belgium, Netherlands and France, said: “Through this value-add programme, we have effectively created a completely new shopping experience at Retail Center De Lely, securing its place as a convenient go-to retail destination for consumers’ daily needs in Arnhem and the surrounding area. By doing so, we have realised the full potential of this asset and created significant value for the fund’s investors.”

Mitiska REIM worked in partnership on the project with property and project manager Som= and asset manager Creating Retail Parks. Bank financing was provided by ING.