Revetas Fund I acquires Vitantis Bucharest
Revetas Capital Advisors LLP ('Revetas'), a specialist real estate investment advisor focused on value added and opportunistic investments in Central and Eastern Europe, has announced the acquisition by Revetas Fund I of a property in Bucharest, Romania. This investment of Revetas Fund I brings a total of 15 assets with over 152,000 sqm acquired by Revetas Fund I in the CEE region.
Revetas Fund I has acquired Vitantis Bucharest, a retail scheme comprising over 35,400 sqm and one of the first modern retail parks delivered in Romania’s capital city Bucharest, the largest city within South-Eastern Europe. A major international bank has financed the project. This acquisition increases the Revetas Fund 1 retail portfolio by more than 30 percent its total surface reaching presently 124,000 sqm of retail space across the CEE region.
“This is the first of several planned acquisitions in Romania and an important strategic addition for Revetas and our regional retail platform. The property is well located within one of the most densely populated catchment areas of the city and represents an already established retail destination, anchored by Carrefour hypermarket and including a Praktiker DIY store, furniture and electronics stores, and a large shopping gallery. Revetas Fund I will invest in repositioning and rebranding Vitantis, which has been trading since 2008. Revetas strategy is to create a large format family shopping experience catering to the local community, families and professionals living and working in this part of Bucharest,” commented Radu Boitan, Senior Investment Director for Revetas.
The newly branded and repositioned scheme will comprise a family oriented tenant mix, carefully adapted in terms of affordability and shopping ambiance to its targeted client base. In addition to the retail operators active in the centre, Revetas aims to attract a wide range of larger retailers with international brands that will be trading within home and design, clothing, sportswear, footwear and mother & kids sectors. The centre will offer a diverse mix of recreational, leisure and entertainment services, offering an enjoyable shopping environment for the entire family.
The continued success of Revetas’s strategy throughout CEE validates Revetas’ decision to launch a specialist Fund supporting the recapitalization of high quality cash flowing assets that are under pressure given the current illiquidity in the region. Revetas continues to actively pursue opportunities to expand its retail platform throughout CEE.
Over the past year Revetas has been a leader in providing a successful exit for legacy investors, investing fresh capital into assets to maximize their potential, and assist the banks’ long term strategy of de-leveraging.
“For many institutions who own such properties and the banks that finance them, Revetas provides an increasingly attractive solution to the structural problems of the region's real estate market left over from the financial crisis,” commented Eric Assimakopoulos, Managing Partner of Revetas Capital Advisors LLP.