MITISKA REIM achieves successful exit of a Belgian retail park (BE)

MITISKA REIM, on behalf of its real estate fund “First Retail International” (FRI), and its joint-venture partner A.B.L.I. have sold the retail park “Parc Commercial Les Dauphins” in Mouscron, Belgium. The retail park has been acquired by Fidelity Worldwide Investment, on behalf of their open-ended institutional real estate fund FIREF Eurozone Select.
“Parc Commercial Les Dauphins” is a 23.000 m² modern retail park with 620 free parking spaces. The newly developed retail park (°2013) features 30 shops and is anchored by Delhaize and H&M. Other occupiers include Krëfel, Zeb, JBC, Maisons du Monde, Pizza Hut and Hema. The retail park is 100% let.
Jan Du Bois, Director Belgium at MITISKA REIM, said: “The sale of “Parc Commercial Les Dauphins” is in line with our fund strategy, to identify and implement development and value-adding initiatives in the European retail park niche, and then crystallise that value by selling when investor demand is strong. Having completed a successful development over the course of the fund ownership in fruitful collaboration with our joint-venture partner A.B.L.I., I am pleased we have been able to dispose of the investment at an optimum time in the market cycle.”
Source: MITISKA REIM