Mitiska REIM, the a specialist investor in European retail parks, has announced a further strengthening of its footprint in the Romanian market with the successful acquisition of the Alpha Property Development portfolio, consisting of 11 retail parks and three development projects.
The acquisition was made on behalf of Mitiska REIM’s institutional fund, First Retail International 2 (FRI 2).The existing properties are all multi-tenanted and anchored by either Lidl or Kaufland su-permarkets.
As announced in Mitiska REIM’s press release, the portfolio comprises a total of 55,000 sqm GLA and is fully leased to strong local and international brands such as Deichmann, Takko, and PEPCO.
This transaction follows the successful acquisition in January 2017 of the remaining 50% shares in the Intercora retail park portfolio in Romania. This brings Mitiska REIM’s total portfolio in Romania to 19 retail parks with a total GLA of approximately 85,000 sqm, as well as 4 development projects.
“This is a high quality portfolio: all properties have excellent locations, first class tenants, long-term leases and sustainable rental levels. We feel this to be a solid investment in a diversified portfolio, generating highly stable, long term revenues, where we can add value through active asset man-agement. Our previous partnerships with both Alpha Property Development and Intercora have enabled us to successfully build a strong footprint in Romania, and to support our wider ambitions in other CEE markets,” said Axel Despriet, CEO of Mitiska REIM.
According to Luc Geuten,Executive Chairman of Mitiska REIM, the acquisition of Alpha Property Development portfolio brings the company’s assets under management in Romania to 100 million EUR, making it the clear leader in the Romanian retail park market.