Mitiska Reim picks up significant Dutch retail centre

Financial details were not disclosed.

The asset, which is one of the largest retail centres in the country, attracting over 3 million visitors annually, was acquired on behalf of the First Retail International 2 fund (FRI 2) and in partnership with local co-investment partner and asset manager 3W Real Estate.

Said Bram Thomas, Mitiska’s managing director for Belgium, Netherlands and France: 'The acquisition of Makado Beek is a major addition to our portfolio in the Netherlands, alongside our two existing retail centres in Arnhem, and is once again an illustration of our ability to identify and realise value creation in a resilient segment of retail.

'We see a significant opportunity in the Netherlands for our convenience real estate approach, as consumers become more and more time constrained and therefore increasingly looking for convenience when shopping and accessing services.'

Makado Beek has a gross leasable area (GLA) of 35,060 m2, comprising 79 retail units and parking for 1,500 cars. The retail centre is food anchored by an Albert Heijn and Lidl supermarket, with other tenants including Action, JYSK, C&A and BCC. The site is located next to a major motorway and is easily accessible by car, bicycle and public transport.

As part of its value-add investment strategy, Mitiska plans to reposition Makado Beek as a regional convenience centre for daily and weekly shopping needs. In line with its ESG approach, action plans will be put in place to reduce carbon emissions, maximize onsite renewable energy through the installation of solar panels on the roof of the complex, and achieve a BREEAM rating.

Mitiska has secured bank financing for the project in the form of a green loan financing agreement.

The acquisition of Makado Beek was sourced in collaboration with CBRE. Mitiska was advised by Stibbe and Quist Geuze Meijeren (QGM). Syntrus Achmea was advised by Houthoff and Colliers.