Mitiska REIM has raised €190m for its second European retail park fund.

The Brussels-based investment manager said existing and new investors backed its value-add First Retail International 2 vehicle.

Mitiska REIM said the closed-end fund exceeded its original €120m target.

A third and final round of fund-raising is expected to take place in September.

With 50% leverage, the fund is targeting an IRR of more than 10%.

The fund committed up to €105m for retail park developments and acquisitions in Romania, Poland and the Czech Republic.

Axel Despriet, chief executive, said: “Across Eastern Europe, retail parks are one of the most important and fastest-growing parts of the retail real estate sector, with consumers attracted to the convenient locations and focus on everyday shopping needs.”

Mitiska REIM’s first fund, launched in 2013, holds 19 retail park properties across Belgium, France, Romania, Poland, the Czech Republic and Serbia.