Pan-European commercial property collective, M Core, has officially launched into the Romanian market following the acquisition of 25 retail parks from Mitiska REIM in a deal worth €219 million.
The acquired assets are located across 24 cities, spanning across the country from Arad in the west of Romania to Iași in the east, as well as Bucharest.
Notable retail parks in the Romanian portfolio include Shopping Park Pipera Plaza, which houses a gross leasable area of 11,000 sqm and Shopping Park Medias with a gross leasable area of 9,089 sqm.
”Recognising the strategic significance of Romania, as a territory boasting promising macro tail winds and robust investment opportunities, this move marks a pivotal moment for our collective,” says Sebastian MacDonald-Hall, M Core Chief Investment Officer (Europe) and co-CEO of Romania.
James Fife, Chief Executive Officer of LCP in Poland, part of M Core and co-CEO of Romania, added that by entering Romania, the company can diversify its portfolio and create further opportunities to establish strong national business relationships.
The transaction was brokered by iO Partners.
“This acquisition is the largest single-country transaction in 2023 in CEE. It therefore represents a strong vote of confidence in the Romanian market as well as confirms M Core’s increasing dominance in the region,” says Andrei Văcaru, CEE Head of Capital Markets iO Partners.
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