Mitiska REIM is a specialist real estate investment manager targeting retail parks, urban logistics and multi-let light industrial, a sector we call convenience real estate. Sited on urban infill locations, these projects capitalise on the increasing demand from end users for accessible locations, affordable buildings and flexible design.
In the past 10 years, Mitiska REIM has built on behalf of funds a portfolio of 91 properties representing 1,100,000m² gross leasable area across Belgium, The Netherlands, France, Germany, Spain, Portugal, Romania, Poland, Czech Republic and Slovakia.
CONVENIENCE REAL ESTATE
Key characteristics
Accessible locations
- Easy access by multimodal transport
- Parking
- High traffic locations
- Urban infill locations
Flexible design
- Multiple tenants
- Modular design
- Potential for alternative/mixed use
- Comprehensive offering for consumers
Affordable buildings
- Cost efficient construction
- Low rents
- Low overheads
- Low investment per m²
Sustainable solutions
- Future-proof design
- Renewable energy
- Local jobs, local services
- Retrofitting & repurposing of old formats
LEVERAGING SOCIO-ECONOMIC MEGATRENDS
For the past several years, we have seen an accelerating opportunity in convenience real estate driven by the converging trends in retail, urban logistics and multi-let light industrial. Several social-economic megatrends are underpinning this evolution:
Urbanisation
With around 75% of Europe’s population now living in urban areas, demand is accelerating for retail as well as services from the consumers that live, work and play in these areas.
Consumers
Consumer are becoming more time-constrained and value-oriented and are increasingly looking for convenience as well as value-for-money when shopping and accessing services.
Mobility patterns
Inner-city congestion and emission charges are encouraging consumers to seek easily accessible locations on urban ring-roads, with sites also accessible via public transport or bike.
Nearshoring
Disruptions in supply chain and increase of transportation costs have led to a renewed trend of nearshoring production and logistics facilities closer to consumption.
Sustainability
All stakeholders now recognise the increased value generated by making real estate assets ‘future-proofed’ and to reduce exposure to risks associated with climate change.
RETAIL PARKS
The core proposition of retail parks, based on convenience, essential shopping and value or money, continues to position the sector strongly for the future and as a preferred retail format for both retailers, shoppers and investors alike.
Offering large units with relatively low rents and high car parking provision, retail parks have not only become the most convenient location for servicing daily shopper needs, but are also ideally suited to support omnichannel retailers offering click and collect orders, customer returns and home deliveries.
URBAN LOGISTICS
The increase in e-commerce sales has had a significant impact on the demand for logistics space across Europe. This surge in demand has raised the bar in terms of meeting consumer expectations for quick and timely deliveries and is driving the need for last-mile logistics bases in urban locations.
The convenience real estate model is ideal for retailers wishing to develop a hybrid retail store format which will include both front-of-the-house, consumer-facing retail and a back-of-thehouse fulfilment centre.
MULTI-LET LIGHT INDUSTRIAL
Demand for multi-unit light industrial schemes is on the rise as the growing number of small and medium-sized businesses look for convenient sites close to their customer bases and their employees, in which to expand their operations.
The flexible design of convenience real estate developments in a mixed-use setting is ideally positioned for the differing business models and space requirements of SMEs. When developed in combination with a retail park, employees benefit from the daily convenience offered by the retail park onsite, making their workplace a more lively and attractive place to work.
INVESTMENT CRITERIA
Targeting land plots
>10,000m²
Gross leasable area
>3,000m²
Total investment volume per property
€5m – €50m
Portfolios
<€250m
VALUE ADD
INVESTMENTS
We work with local co-investment partners to look for existing income producing properties with strong upside potential such as under-rent situations, where we can add value through refurbishment, re-development, extension and active asset management.
DEVELOPMENT
PROJECTS
We are also active in new developments, where local co-investment partners can leverage our 30 years’ experience in concept definition, design, construction, leasing, bank financing, retailer relationships and exits.
OUR EUROPEAN
MARKETS
Existing markets
Belgium
Netherlands
France
Germany
Spain
Portugal
Romania
Poland
Czech Republic
Slovakia
Potential markets
United Kingdom
Italy
Nordics
