Belgian privately-held fund manager Mitiska REIM has raised €124 mln in equity commitments at the first closing of its new European retail park fund – First Retail International 2 (FRI 2).
Belgian privately-held fund manager Mitiska REIM has raised €124 mln in equity commitments at the first closing of its new European retail park fund – First Retail International 2 (FRI 2).
FRI 2 will invest in value-add and development retail park opportunities across Europe, targeting an internal rate of return of over 10% generated through current income for around 50%.
The company expects to be able to secure additional capital in the following months, bringing the fund to a hard cap of €200 mln, more than twice the size of its predecessor, FRI 1. FRI 1 will be fully invested by mid 2016 and has already reimbursed over 21% of the total fund size.
FRI 2 will be geared to a level of 50%, with an investment capacity of around €400 mln.
'To raise over 60% of the hard cap in the first closing and having a great majority of the FRI 1-investors reinvesting in FRI 2, is a fantastic result and a strong endorsement of our performance,' said Luc Geuten, Mitiska REIM’s executive chairman. 'With over €80 mln of transactions in the pipeline, we are keen to conclude our fundraising so that we can focus on our extensive deal pipeline that continues to build.'
'With FRI 2, Mitiska REIM continues its specialist European retail park strategy which it successfully executed since 2013 in FRI 1,' added Axel Despriet, CEO, MITISKA REIM.
