29 September 2016 – Real Estate Press
Yesterday, Mitiska REIM, the leading specialist investor in retail parks in Europe, announced its entry into the Spanish market with the acquisition of the Portal Mediterráneo retail park in Vinaroz.
It is the first of several acquisitions that Mitiska REIM plans to make in Spain over the next few months, as a result of the improvement in the macroeconomic environment and the increased interest from commercial operators in retail parks in Spain.
Portal Medierráneo is a retail park that has a gross leasable area of 12,400 sqm, spread over 11 stores leased to brands such as Jysk, Bricorama, Norauto and Sprinter, amongst others. Located in Vinaroz, on the east coast of Spain on the border between the Community of Valencia and Cataluña it has a catchment area of 130,000 people, which increases to 250,000 during the summer. Similarly, Portal Mediterráneo benefits from the tourists that visit this area and from its location in a major retail area, alongside several other large stores including: a Carrefour hypermarket, a Decathlon shop, an Aldi supermarket and a McDonald’s restaurant.
The asset has been acquired by an institutional fund recently launched by Mitiska REIM, known as First Retail International Fund 2 (FRI 2), which has received support and advice from Catella Asset Management Iberia.
Mitiska REIM has also announced the appointment of Christophe Mouton as its Director in Spain and Portugal. Christophe will be responsible for acquisitions, developments and the management of partnerships with property developers and investors in retail parks across Spain and Portugal, with a special focus on the development of new retail parks. (…).
Mitiska REIM is a private company specialising in fund management and real estate investments, which is headquartered in Brussels (Belgium). Mitiska REIM invests exclusively in the peripheral retail park sector in Europe, in accordance with its strategy of (co)-development and adding value. (…).
Mitiska REIM recently announced the second satisfactory closure of its First Retail International 2 Fund (FRI2) for €190 million, which significantly exceeds its original aim of €150 million. (…).
Original story: Real Estate Press
Translation: Carmel Drake