Mitiska REIM, a Brussels-based real estate investment management company, has acquired an 85% interest in the Capitol Park Šabac retail park in Serbia.
Mitiska REIM, a Brussels-based real estate investment management company, has acquired an 85% interest in the Capitol Park Šabac retail park in Serbia.
Mitiska REIM made the investment on behalf of its specialist real estate fund First Retail International (FRI). The acquisition is the first as part of an exclusive country partnership between the company and Poseidon Group, the developer of Capitol Park Šabac.
Poseidon Group retains a 15% stake.
Karel De Bondt, real estate director CEE at Mitiska REIM, said the partners plan to build a portfolio of up to six similar retail parks in Serbia in the next five years. 'As we strive to be in other countries as well, together with Poseidon we hope to be an expansion platform for our valued retail partners in Serbia.'
James Gunn, director at Poseidon Serbia, said his company has been present in Serbia for over 10 years. 'We believe that the country is ready and the tenant demand is strong enough to commit to our programme of Capitol park developments. We fully look forward to cooperating together with Mitiska REIM and FRI.'
The first retail park in Šabac openedon 3 April 2014. The project includes a retail area of 9,622 m2 on a 27,000 sq m2 site, comprised of 17 retail premises ranging from 13 to 3,000 m2 and 395 parking spaces. The scheme was 95% pre-leased to 16 national and international retailers such as Tempo (Delhaize), Takko, Deichmann, Jysk, C&A, New Yorker, Lilly, Pertini, Sport Vision and Djak.
It is expected that the first phase of the retail park will be 100% leased by the end of the year. Due to the strong demand for retail premises of smaller sizes, the second phase of construction will soon follow to provide four retail units ranging from 30 to 100 m2.
Mitiska REIM's specialist real estate fund FRI has an investment capacity of €200 mln targeting retail park properties in Europe. FRI’s current portfolio represents a total investment value of €100 mln. Mitiska REIM also has partnerships in several other European countries including one with Alpha Property Development in Romania, Peppercorn Properties in Poland and now Poseidon Group for Serbia.
Poseidon Group is a family office. As a 100% private company it manages the investment trusts for a single family. These investments are concentrated in the real estate sector and mining sector. Poseidon Property is the property arm of Poseidon Group focusing on the UK, CEE and SEE markets.
