European convenience real estate investor Mitiska REIM has raised €310m for its latest value-add fund, exceeding its €300m target.
The investment firm said the amount raised for the Mitiska European Real Estate Partners (MEREP) 3 fund at close also represents a 39% increase in commitments received for a previous fund in the series.
MEREP 3, which has secured a €50m co-investment from the European Bank of Reconstruction and Development, is also backed by various investors, such as pension funds, insurance companies, family offices and banks.
Mitiska REIM said MEREP 3 has up to €1bn in total investment capacity, including debt, to invest in European convenience real estate, targeting food-anchored retail parks, multi-let light industrial, self-storage and urban logistics projects.
MEREP 3’s value-add strategy ranges from light to extensive enhancements, such as repositioning, reconfiguring, retrofitting existing properties and selective development projects with risk management considerations, Mitiska said.
MEREP 3 has so far committed 35% of its capital, investing €107m across eight diversified convenience real estate assets, Mitiska said, adding that the fund also has a pipeline of additional deals under due diligence and negotiation.
Sylvie Geuten-Carpentier, managing partner of Mitiska REIM, said: “We are delighted to exceed our initial fundraising target which is a testament to the strong support from both existing and new investors.
“We would like to thank all our investors for their confidence in both our investment strategy and platform, the Mitiska REIM team for delivering such a successful fundraising and initial deployment of capital, and our local teams and operating partners for securing high potential opportunities across our European markets.”
Axel Despriet, managing partner of Mitiska REIM, said: “As we look to the coming year, we believe that a window of opportunity is clearly opening up, providing an attractive entry point for specialised value-add investors like Mitiska REIM to capture a recovery in real estate markets across Europe.
“We think convenience real estate is well positioned, particularly for investments that require capex and hands-on asset management, and believe that MEREP 3 could become an exceptional vintage by providing us with the dry powder to capitalise on the current market conditions and opportunities.”
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