The sale marks the completion of Mitiska REIM’s development and initial value-creation programs for these assets.
In a strategic move in the retail real estate market, Mitiska REIM has successfully finalized the sale of ten retail parks, featuring five in Belgium and five in Portugal, to First Retail Partners.
The retail parks involved in the sale are anchored by major supermarkets such as Lidl, Albert Heijn, Delhaize, Mercadona, Auchan, or Pingo Doce. First Retail Partners, a recently established fund backed by Partners Group, is set to manage the acquired portfolio in collaboration with Mitiska REIM. The fund, with a gross asset value of 280 million euros, signifies a strategic entry into the European retail real estate market. The sale marks the completion of Mitiska REIM’s development and initial value-creation programs for these assets.
A Strategic Partnership for Success
Sylvie Geuten-Carpentier, Managing Partner of Mitiska REIM, expressed excitement about the strategic partnership with Partners Group, stating, "We are delighted to form this strategic partnership with Partners Group and become the fund manager of the new First Retail Partners fund."
This collaboration signifies Mitiska REIM's commitment to both the Belgian and Portuguese markets.
The five Belgian retail parks boast a total gross leasable area of 77,500m2. Notably, Retail Park Malinas in Mechelen has gained recognition as the "most sustainable" retail park in Belgium. The portfolio also includes Ninouter in Ninove, Parc de l’Europe in Wavre, La Couvinoise in Couvin, and Quartier Enée in Gembloux.
Jan Du Bois, Mitiska REIM’s Managing Director for Belgium, Spain, and Portugal, expressed satisfaction with the completion of the sale, stating, "These portfolios are proof of the effectiveness of our value-add programs in Portugal and our track record in delivering successful new development projects in Belgium."
The five Portuguese retail parks, with a gross leasable area of 105,500m2, were acquired by Mitiska REIM between 2017 and 2019. Located in Villa Nova de Gaia, Aveiro, Coimbra, Santarem, and Alverca, these assets underwent active management by Mitiska REIM's local team, resulting in considerable value creation.
Axel Despriet, Co-founder and Managing Partner of Mitiska REIM, emphasized the significance of the transaction, noting, "This latest transaction follows the recent sale by Mitiska REIM of 25 retail parks in Romania, and completes around 500 million euros of divestments by Mitiska REIM in December alone."
Financial Advisors and Legal Counsel
Kepler Corporate Finance, Belfius, and CBRE acted as financial advisors on the transaction. Allen & Overy Brussels and RRP Advogados Lisbon were the legal advisors to FRI and FRI 2, and Argo Law and PwC were legal and tax advisors to the new First Retail Partners fund.
