MITISKA REIM acquires Mlyn Retail Park from Helical Poland
Mlyn Retail Park in Wroclaw, Poland has been acquired by MITISKA REIM on behalf of its specialist real estate fund “First Retail International” (FRI). This acquisition was coordinated and executed by Peppercorn Properties, MITISKA REIM’s country partner for Poland.
Mlyn Retail Park is a 10,000 sqm modern retail park with 250 free parking spaces. The retail park opened in December 2008 and was Helical’s first project in Poland. Tenants include leading brands such as TK Maxx, Sportsdirect.com, Smyk, Deichmann, Piotr&Pawel, Super-Pharm, Media Expert, Komfort and Kakadu. The retail park is 100 percent let. Młyn Retail Park was nominated for “Retail Project of The Year 2009” by Shopping Center Magazine.
“The Młyn Retail Park format has been proven to be very successful”, said Jonathan Tinker, Managing Director of Helical Poland. “We plan now to focus on further development of the Młyn brand with an exciting programme of new schemes scheduled for 2015 and 2016.”
“We are very happy acquiring Młyn Retail Park”, said Darren Haines-Powell of Peppercorn Properties, Polish country partner of MITISKA REIM. “Right from the launch, the scheme has proved to be a commercial success with rising turnover year-on-year and we are very confident that this tendency will continue. Mlyn Retail Park presents a very interesting opportunity as it offers a good location, a strong income stream, asset management value add and a good diversity in its tenant mix. We’re pleased to coordinate MITISKA REIM’s third retail park investment in Poland and look forward to extending the portfolio with add-on acquisitions and developments in line with MITISKA REIM’s specific retail park strategy.”
David Tejml, Head of CEE at MITISKA REIM, added: “This acquisition is consistent with our fund’s investment criteria and demonstrates that, despite a competitive transaction environment, we can, together with our local country partner Peppercorn Properties, continue to source attractive deals in the retail park niche with a view of delivering strong income returns and asset management upside. It is a valuable addition to our fund which is regionally diversified across Europe in the retail park niche. The Mlyn Retail Park acquisition further confirms MITISKA REIM’s position as a leading specialist investor in the European retail park sector.”