Belgian privately-held fund manager Mitiska REIM has entered the French property market with the purchase of the Retail Parc Val Saint-Clair in Hérouville-Saint-Clair near Caen, from Klépierre.
The purchase, whose details were not disclosed, is part of Mitiska REIM’s European expansion strategy and follows the entry of both the German and Spanish markets during the past 12 months.
Retail Parc Val Saint-Clair is an existing income-producing retail park, comprising 18 units with a gross leasable area of 13,500 m2, and parking for 630 cars. The site is adjacent and linked to a Carrefour hypermarket, and tenants include a range of national and international brands including Electro Depot, Action, Sport 2000, KFC, Chaussea and Maxi Zoo.
Commenting on the acquisition, Axel Despriet, CEO of Mitiska REIM, said: 'Following our value-add investment approach, we plan to reposition the property as a local convenience shopping hub, by bringing in additional anchor tenants to serve shopper’s daily needs, combined with a new marketing plan to increase the visibility of the centre.'
Luc Geuten, Chairman of Mitiska REIM, added: 'Since the closing of our FRI 2 fund in December last year, our focus has been on extending the portfolio of investments across our Western, Central and Eastern European markets.'
The deal follows Mitiska REIM's appointment in October of former Carrefour executive Pierre Rochard as investment manager France.
Mitiska REIM, which focuses on retail parks, has built a portfolio of 45 retail assets across Europe since launching the business four years ago. The firm is currently active in Belgium, France, Germany, Spain, Romania, Poland, Czech Republic and Serbia.
