Mitiska REIM, the leading specialist investor in European retail parks, has announced a further strengthening of its footprint in the Romanian market with the successful acquisition of the Alpha Property Development portfolio. The purchase price was undisclosed.
The acquisition of the Alpha Property Development portfolio consisting of 11 income producing retail parks and 3 development opportunities was made on behalf of Mitiska REIM’s institutional fund, First Retail International 2 (FRI 2). The existing properties are all multi-tenanted and anchored by either Lidl and/or Kaufland. The portfolio comprises a total of 55,000 m² GLA and is fully leased to strong local and international brands such as Deichmann, Takko, and Pepco.
This acquisition follows the successful acquisition in January 2017 of the remaining 50% shares in the Intercora retail park portfolio in Romania. This brings Mitiska REIM’s total portfolio in Romania to 19 retail parks, with a total GLA of +/-85,000 m², in addition to 4 development projects.
David Tejml, CEE Investment Director at Mitiska REIM, comments: “The success of this transaction is due to the strong relationship we were able to develop with the seller and the quality of our investor base, enabling us to move quickly to secure this off-market transaction. In line with our partnership driven investment model, we are very pleased that the former CEO of Alpha Property Development, Clemens Petschnikar, will remain both as a co-investment partner with 5% of shares as well as lead the property services management for our entire Romanian portfolio.”
Axel Despriet, CEO of Mitiska REIM, comments: “This is a high quality portfolio: all properties have excellent locations, first class tenants, long-term leases and sustainable rental levels. We feel this to be a solid investment in a diversified portfolio, generating highly stable, long term revenues, and where we can add value through active asset management. Our previous partnerships with both Alpha Property Development and Intercora have enabled us to successfully build a strong footprint in Romania, and support our wider ambitions in other CEE markets.”
