Mitiska REIM has raised €223m for its second fund, First Retail International (FRI) 2.

The investment manager, which targets retail parks, said the fund was oversubscribed, having beaten its initial €120m-150m target.

The closed-end fund will have €500m to invest, including leverage.

Luc Geuten, executive chairman of Mitiska REIM, said: “Retail parks are fast becoming the first choice among retailers due to the highly visible locations and low occupancy costs, and among investors looking for diversified, attractive returns in the retail real estate sector.”

FRI 2 is focused on clustered standalone units and integrated retail properties.

The fund has invested €60m in Spain, Romania, Poland and the Czech Republic, with more investments in French, Spanish, German and Austrian markets planned.

Mitiska REIM’s first fund, FRI 1, was launched in 2013 and holds 19 retail park properties across Belgium, France, Romania, Poland, Czech Republic and Serbia.