Mitiska REIM, a specialist investor in European retail parks, announced a major new strategic partnership with Karuzela Holding. Under the terms of the agreement, Mitiska REIM and Karuzela will form a joint venture in Poland, and Mitiska REIM’s FRI 2 fund will acquire a 50% holding in 2 retail parks and 2 gallerias owned by Karuzela, with a total gross leasable area (GLA) of 35,600 sqm, and both parties will co-develop 4 additional projects with a total GLA of approximately 60,000 sqm.
The 2 retail parks are located in the Polish cities of Lubliniec and Turek, and are the dominant retail schemes in each city. Retail Park Lubliniec is located on the outskirts of Lubliniec and comprises a GLA of 7,700 sqm, with major tenants including Biedronka, Jysk, KIK and CCC. Retail Park Turek is a city centre site whose major tenants include Jysk, Polomarket, Deichmann and Media Expert, with a GLA of 7,600 sqm.
The 2 gallerias, which are dominant local community shopping centres, are located in Września and Wodzisław, and are both the major shopping destination in their location. Galleria Września is located in the city centre, covering 11,500 sqm GLA, and tenants include Intermarche, Dealz, Reserved and Kik. Galleria Wodzisław is also a city centre site with tenants including Martes Sport, CCC and RTV Euro AGD, with a GLA of 8,800 sqm.
The 4 development projects are planned in the Polish cities of Kołobrzeg, Świebodzin, Biała Podlaska and Elk. The new joint venture between Mitiska REIM and Karuzela will also target future new investments with a minimum area of 3,500 sqm GLA, either through the acquisition of existing properties with value-add potential or the development of new projects.
Sylvie Geuten-Carpentier, Director of Mitiska REIM, comments: “For nearly two years we have worked with Janusz Botorek and his team as our service provider for the property management, leasing and project management of our existing portfolio of Polish retail parks. This new joint venture with Karuzela Holding represents a major strategic partnership in one of our most important European markets, and increases our portfolio of retail parks in Poland to 8 existing properties and 4 new development projects representing a total of more than 110,000 sqm gross leasable area.”
In this transaction, Mitiska REIM was advised by Wardynski & Partners (Michal Wons and Krzysztof Libiszewski) on the legal aspects and Deloitte on the tax and finance matters. Karuzela Holding was assisted by Grant Thornton (finance, tax and legal) and Jamorski and Partners (legal).