Belgian retail property investor Mitiska REIM and Polish asset manager Karuzela Holding have secured €40 mln from mBank for a portfolio of four Polish retail parks.
The assets, totaling nearly 34,000 m2 of combined gross leasable space, are located in the cities of Wrzesnia, Turek, Lubliniec, and Wodzislaw Slaski.
Owned through a joint venture between Mitiska REIM's FRI 2 fund and Karuzela Holding, the retail parks are all anchored by supermarkets, 100% let and certified BREEAM “Very Good”.
Mitiska REIM and Karuzela Holding plan to utilize this long-term loan to pay off existing debt and fuel further development projects in Poland.
Grzegorz Pekalski, member of the Board of Karuzela Holding, commented: ‘The success of this refinancing is due to the quality of the assets and the ongoing appeal of the retail park sector. The four retail parks in this portfolio are stable and income-producing assets, with strong and diversified tenant mixes, on sites which have become the go-to retail destinations for daily needs in their area.’
Sylvie Geuten-Carpentier, managing partner at Mitiska REIM, said: 'This refinancing is another successful milestone for Mitiska REIM and Karuzela as we continue to progress assets through their value-add and development programs to reach core status.’
Tomasz Niewola, head of Structured Finance and head of Investment Banking at mBank, added: 'We value a lot Mitiska REIM and Karuzela’s know-how in convenience real estate in the European and Polish markets and the teams’ commitment to environmental, social and governance aspects across all aspects of their business activities.’
Over the past five years, Mitiska REIM and Karuzela Holding have established a portfolio of 11 food-anchored retail parks in Poland with a combined GLA of 128,000 m2. With additional retail parks planned to open in the next two years, the total portfolio is set to increase to 160,000 m2.
