Mitiska REIM has announced the acquisition of OC Cassovia, a grocery-anchored retail centre located in Košice, Slovakia's second-largest city with renovation of the centre to follow soon.
Acquired on behalf of the MEREP 3 fund in partnership with local partner Asset Services, alongside co-investment from the European Bank for Reconstruction and Development (EBRD), this latest investment is the ninth by Mitiska REIM on behalf of funds in Slovakia over the past two years.
OC Cassovia comprises more than 70 retail units with a gross leasable area of 22,950 sqm, and parking for 1,200 cars. Grocery-anchored by a Lidl supermarket, other tenants include international retailers Kik, Sinsay, Pepco, Intersport and Jysk, alongside local brands Form Factory Fitness, Benu Pharmacy, Gate, 101 Drogerie and Kinekus. Together with Decathlon, Möbelix, Asko Nábytok, Decodom, Siko, NAY Electrodom and a planned new Kaufland supermarket, it forms a key convenience shopping destination in Košice and eastern Slovakia. The centre is situated in an established retail area in the south of Košice, near the city bypass road.
Tomas Cifra, Managing Director for Romania, Czech Republic, Slovakia and Bulgaria at Mitiska REIM, commented: “OC Cassovia is a good example of the type of value-add investment we look for – it has a strong and proven location, good tenant mix and solid trading history, but requires hands-on asset management and investment to transform it into a modern and sustainable retail center, making it attractive to institutional investors looking for core assets.”
Mitiska REIM plans to renovate the asset to optimise the layout and unit sizes, enhance the ESG credentials and bring in new international tenants. Mitiska REIM was advised by Kinstellar, ASB and Grinity, with Slovenská sporiteľňa (part of Erste Group) acting as the financing partner.
