Belgium-based convenience real estate investor Mitiska REIM has acquired the Europa Centralna retail centre in southern Poland for an undisclosed sum.
The acquisition was conducted on behalf of the MEREP 3 fund which targets grocery-anchored retail parks, last-mile urban logistics and multi-let light industrial opportunities in urban infill locations.
With a gross leasable area of 67,000m2, consisting of a 39,700 m2 retail park and a 27,300 m2 gallery, Europa Centralna is the largest retail scheme in Gliwice.
The city is ideally situated at the junction of the A1 and A4 motorways in Upper Silesia, one of Poland’s strongest economic regions and a hub for business and industry.
Europa Centralna will be repositioned as a food-anchored convenience real estate asset, while its ESG credentials will be improved to achieve a BREEAM “Very Good” score.
Mateusz Szymczak, Mitiska REIM’s investment manager for Poland, commented: ‘There are two million people living within a 30-minute drive of Europa Centralna, with the Upper Silesia region one of Poland’s largest concentrations of industrial space and one of the country’s main centers for business services. This makes Europa Centralna a perfect location not only for convenience retail but also a hub for DIY goods and homeware in addition to leisure facilities.’
Sylvie Geuten-Carpentier, managing partner of Mitiska REIM, added: ‘The acquisition of Europa Centralna is a major addition to our portfolio in Poland, where Mitiska REIM has been accelerating its expansion over the last 4 years, building a well-diversified portfolio of 16 convenience real estate investments with a total gross leasable area of more than 170,000m². The acquisition of Europa Centralna is once again an illustration of our ability to identify investments where we see a significant opportunity to create a modern, futureproof and attractive convenience real estate scheme, leveraging Mitiska REIM’s active asset management capabilities and expertise.’
DIY stores Castorama and Jula currently serve as the retail park's and galleria's anchors, while other tenants include JYSK, Action, Media Expert, Sports Direct and McDonald's.
The retail park and galleria are currently anchored by DIY stores Castorama and Jula, with other tenants including JYSK, Action, Media Expert and Sports Direct, and a standalone drive-through McDonald's restaurant.
The center also features an 8,000 m2 convenience leisure offer with tenants like Funzeum and House of Air, while an 11,000 m2 space is available to lease for new businesses.
Mitiska REIM was advised by Wolf Theiss and Arcadis.
Mitiska REIM closed its third flagship fund, MEREP 3, for a total of €158 mln in December of last year, while further closings are scheduled over the next 12 months.
