Mitiska REIM acquires its first SME business park in France

Mitiska REIM, a specialist investor in European convenience real estate, announced on behalf of the MEREP Light Industrial Fund the acquisition of Village Économique Montataire, an income-producing SME business park adjacent to the city of Creil in the Greater Paris region.

Situated on an urban infill location close to the main departmental road connecting Compiègne with the northern L’Oise region, the business park has an existing gross leasable area (GLA) of 22,000 sqm comprised of around 60 SME units and offices ranging in size from 30-3,000 sqm.

As part of its value-add strategy, Mitiska REIM plans to refurbish the existing buildings on site and upgrade them to achieve a BREEAM certification of “Very Good”. Mitiska REIM is also investigating the potential to develop an additional 8,000 sqm GLA of SME units on the remaining land of the 7.1-hectare site. Bram Thomas, Mitiska REIM’s Managing Director for Belgium, the Netherlands and France, comments: “The acquisition of Village Économique Montataire is the first acquisition on behalf of the MEREP LI Fund that we have made in France.

“This latest addition to the portfolio is a great example of a currently unloved convenience real estate project with significant upside potential that can be realized through refurbishment, sustainability initiatives and add-on extensions as part of our value-add program. We continue to look for further sites in France to expand our portfolio of convenience real estate assets, spanning retail parks, urban logistics and multi-let light industrial opportunities.”