European convenience real estate investor Mitiska REIM has acquired Village Économique Montataire, a SME business park adjacent to the city of Creil in the Greater Paris region on behalf of the MEREP Light Industrial Fund.
Situated on an urban infill location close to the main departmental road connecting Compiègne with the northern L’Oise region, the business park has an existing gross leasable area (GLA) of 22,000m2 comprised of around 60 SME units and offices ranging in size from 30-3,000m2.
As part of its value-add strategy, Mitiska REIM plans to refurbish the existing buildings on site and upgrade them to achieve a BREEAM certification of “Very Good”. Mitiska REIM is also investigating the potential to develop an additional 8,000m2 GLA of SME units on the remaining land of the 7.1-hectare site.
Bram Thomas, Mitiska REIM’s Managing Director for Belgium, the Netherlands and France, comments: “The acquisition of Village Économique Montataire is the first acquisition on behalf of the MEREP LI Fund that we have made in France.
“This latest addition to the portfolio is a great example of a currently unloved convenience real estate project with significant upside potential that can be realized through refurbishment, sustainability initiatives and add-on extensions as part of our value-add program. We continue to look for further sites in France in order to expand our portfolio of convenience real estate assets, spanning retail parks, urban logistics and multi-let light industrial opportunities.”
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