Belgian convenience real estate specialist Mitiska REIM is investing €20 mln to convert a former Nestlé distribution centre in Portugal into a retail park.
Located on a 50,000 m2 industrial site, the Salinas Park development in Alverca do Ribatejo will be completed by the end of the year.
With 22,800 m2, the development will comprise of a 12,000 m2 retail park and a 10,800 m2 warehouse complex for local SMEs and start-ups.
The retail park, which is already 100% occupied, will consist of nine stores, including brands such as Mercadona, Hôma, JYSK, and Kiabi, as well as new brands.
It will also offer 351 parking spaces and over 5,000 m2 of new green spaces.
For its part, the SME park will consist of up to 57 units with areas from 150 m2 and 139 parking spaces, with delivery foreseen in H2 2024.
Enzo Guidez, country manager of Mitiska Reim, said: ‘This is an excellent project to revitalise an urban centre, with the conversion of an old industrial site, located right in the city centre, into a modern 'retail park' and a new warehouse and services centre that will welcome local SMEs and startups. This project, in addition to fixing consumption and creating new jobs, will create a new dynamic in this area of the city.’
Also taking part in the project are Work3 Engineering and Consultancy (specialties and supervision), MaisR Architects (architecture), Telhabel (construction) and CBRE (retail advisory).
The Mitiska REIM fund, which owns eight assets in Portugal, is also investing around €20 mln in the construction of Nova Vila Retail Park, in Portimão.
Meanwhile, at home the fund manager is planning to sell five Belgian business parks as part of a packaged deal that could be worth up to €200 mln.
With a total gross leasable area of 76,000 m2, Le Parc de l'Europe (Wavre), La Couvinoise (Couvin), Ninouter (Ninove), le Parc d’Enée (Gembloux) and Malinas (Mechelen) are owned by the FRI and FRI2 self-managed funds advised by Mitiska REIM and expire in 2026.
The Brussels-based retail estate group is also seeking a buyer for its 25 retail parks in Romania, according to local media reports.
