Mitiska, the leading specialist investor in European retail parks, has today announced the successful final closing of its second fund, First Retail International 2 (FRI 2), at €223m. This closing exceeds the original hard cap of €200m. Allowing for gearing, the Fund's gross investment capability is now up to €500m.
FRI 2 is a closed-end fund which invests exclusively in European retail parks, both clustered standalone units and integrated retail properties. The Fund has already deployed more than €60m of equity for acquisitions and development projects in Spain, Romania, Poland and the Czech Republic, and is building a pipeline of additional investment opportunities in the French, Spanish, German and Austrian markets.
The strong fundraising of FRI 2 follows the success of Mitiska REIM's first fund, FRI 1, which was launched in 2013 and has built a portfolio of 19 retail park properties across Belgium, France, Romania, Poland, Czech Republic and Serbia.
At final closing, 40% of FRI 2 commitments came from reinvestments and increased commitments from existing FRI 1 investors, with the remaining 60% coming from new investors.
Mitiska REIM has considerably broadened its investor base outside Belgium, with increased investor interest seen in France, UK and Switzerland.
