Mitiska REIM has sold five Belgian and five Portuguese retail parks to First Retail Partners, a newly established fund backed by Partners Group, a global private markets firm, acting on behalf of its clients.
These retail park assets were originally developed or acquired on behalf of the FRI and FRI 2 funds and this sale marks the completion of Mitiska REIM’s development and initial value-creation programs for these assets.
The new First Retail Partners fund has a gross asset value of around €280 million and will be managed by Mitiska REIM and backed by Partners Group.
The five Belgian retail parks are recent development projects undertaken by Mitiska REIM and represent a total gross leasable area (GLA) of 77,500m2. The portfolio includes the retail park Malinas in Mechelen which when opened became the most sustainable retail park in Belgium, in addition to Ninouter in Ninove, Parc de l’Europe in Wavre, La Couvinoise in Couvin, and Quartier Enée in Gembloux.
The five Portuguese retail parks represent a GLA of 105,500m2 and were acquired between 2017 and 2019. Located in the Portuguese cities of Villa Nova de Gaia, Aveiro, Coimbra, Santarem and Alverca, these assets were actively managed by Mitiska REIM’s local team to unlock considerable value.
Jan Du Bois, Mitiska REIM’s Managing Director for Belgium, Spain and Portugal, comments: “We are delighted to complete the sale of these Belgian and Portuguese portfolios and to spearhead the active asset management to ensure the ongoing success of these assets. These portfolios are proof of the effectiveness of our value-add programs in Portugal and our track record in delivering successful new development projects in Belgium.”
