MITISKA REIM, a Brussels-based real estate investment management company, has acquired an 85% interest in the retail park Capitol Park Šabac in Serbia. MITISKA REIM made this investment on behalf of its specialist real estate fund “First Retail International” (FRI). This acquisition is the first realization of the exclusive country partnership between MITISKA REIM, manager of FRI, and Poseidon Group, the developer of Capitol Park Šabac. Poseidon Group remains with a 15% stake.
The project includes a retail area of 9,622 m² on a 27,000 m² site, comprised of 17 retail premises ranging from 13 to 3,000 m² and 395 parking spaces. The scheme was 95% pre-leased to 16 national and international renowned retailers such as Tempo (Delhaize), Takko, Deichmann, Jysk, C&A, New Yorker, Lilly, Pertini, Sport Vision and Djak. It is expected that the first phase of the retail park will be 100% leased by the end of the year, creating the first retail destination in Šabac.
Karel De Bondt, Real Estate Director CEE at MITISKA REIM, said: “We are excited about the acquisition of this well-received retail park for various reasons. First, we have added a very well performing asset to our CEE portfolio. Furthermore however, this acquisition also means the entry into a new, promising market and the kick-start of an equally promising collaboration with Poseidon Group. We plan to build a portfolio of up to six similar retail parks in Serbia in the next 5 years.”
James Gunn, Director at Poseidon Serbia, confirmed: “After the successful opening of our latest retail park in the region, Capitol Park Šabac and the planned opening of two further retail parks in Serbia in the first half of 2016, we are pleased to have found an institutional, co-development and financing partner with an established track record of retail success across Europe.
“Poseidon has been present in Serbia for over ten years. We believe that the country is ready and the tenant demand is strong enough to commit to our programme of Capitol park developments. We fully look forward to cooperating together with MITISKA REIM and FRI.”