Mitiska REIM, in association with its Romanian country partner Square 7 Properties, has accelerated its investment in Romania during 2019, and announced the opening of its latest retail park development in the city of Braila.
The new retail park, which is the company's largest development project in Romania this year, has a gross leasable area (GLA) of 7,800 sqm.
It comprises 13 units offering a mix of fashion, sportswear, beauty, electronics, restaurants and a pet centre. Tenants are a mix of national and international retailers, including C&A, Sportisimo, CCC, Kik, Deichman, Takko and KFC.
The site is anchored by a Lidl supermarket and offers parking for 237 cars.
TWO NEW RETAIL PARKS
This latest opening follows two other new retail park developments in Romania over the past six months.
This new retail park has 7 units, with tenants including Kik, Pepco, CCC, Takko and Sportisimo, and is anchored by a Kaufland supermarket. The site has parking for 130 cars.
October saw the opening of a smaller project in the eastern city of Bacau, comprising 2,000 sqm GLA, located in a residential area in the southern ring of the city.
Adjacent to an existing Kaufland supermarket, the site has 4 retailers – Kik, Deichman, Pepco, and Flanco. Parking is for 34 cars onsite, with an additional 180 parking spaces available on the Kaufland site.
THE LARGEST RETAIL PARK PORTFOLIO IN ROMANIA
In total, Mitiska REIM now operates 26 retail parks in Romania, which is the largest portfolio of any retail park operator in the country, representing a total retail area of more than 110,000 sqm.
One new retail park development is scheduled to open next year and 3 extensions to existing sites are planned.
Tomas Cifra, Investment Director CEE at Mitiska REIM, stated: “With Romania expected to soon become the second-largest economy in Central Eastern Europe, both international and local retailers are increasingly recognizing the opportunity provided by retail parks. Our partnership with Square 7 Properties, which brings together our international retailer relationships and access to funding with Square 7 Properties’ local expertise and on-the-ground management, means we are well placed to capitalize on this opportunity.”
ABOUT MITISKA REIM
Mitiska REIM is a privately held specialist real estate investment and fund advisory firm headquartered in Brussels, Belgium.
The company focuses exclusively on the niche of peripheral retail properties in Europe, both retail parks and convenience centers.
Mitiska REIM manages the Romanian portfolio on behalf of two funds, First Retail International (FRI) and First Retail International 2 (FRI 2).
In September this year, FRI secured a 27m EUR senior debt facility with Erste Group AG for Intercora, a Romanian portfolio of 7 retail parks first acquired in 2012.
ABOUT SQUARE 7 PROPERTIES
Through its group companies Squaretime, Squarebox, and Switchboard, Square 7 Properties acts as Developer, Project Manager, Property Manager, Asset Manager and Facility Manager.
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