Mitiska REIM, a leading specialist investor in European convenience real estate, has announced the acquisition of OC Cassovia, a grocery-anchored retail centre in Košice, the second-largest city in Slovakia.
Acquired on behalf of the MEREP 3 fund in partnership with local partner Asset Services, alongside co-investment from the European Bank for Reconstruction and Development (EBRD), this latest investment is the ninth by Mitiska REIM on behalf of funds in Slovakia over the past two years.
OC Cassovia comprises more than 70 retail units with a gross leasable area (GLA) of 22,950 sqm, and parking for 1,200 cars. Grocery-anchored by a Lidl supermarket, other tenants include international retailers Kik, Sinsay, Pepco, Intersport and Jysk, alongside local brands Form Factory Fitness, Benu Pharmacy, Gate, 101 Drogerie and Kinekus.
The centre is located in an established retail area in the south of Košice, close to the city bypass road.
Together with Decathlon, Möbelix, Asko Nábytok, Decodom, Siko, NAY Electrodom and a planned new Kaufland supermarket, it forms a key convenience shopping destination in Košice and eastern Slovakia.
Mitiska REIM plans to renovate the asset to optimise the layout and unit sizes, and bring in new international tenants. As part of the value-add plan, Mitiska REIM will significantly invest in and enhance the ESG credentials of the retail centre, installing new heating and cooling systems as well as solar panels on the roof area, to achieve a high-level BREEAM certification.
Tomas Cifra, Mitiska REIM’s Managing Director for Romania, Czech Republic, Slovakia and Bulgaria, comments: “OC Cassovia is a good example of the type of value-add investment we look for – it has a strong and proven location, good tenant mix and solid trading history, but requires hands-on asset management and investment to transform it into a modern and sustainable retail center, making it attractive to institutional investors looking for core assets.”
Mitiska REIM was advised by Kinstellar, ASB and Grinity, with Slovenská sporiteľňa (part of Erste Group) acting as the financing partner.
