Mitiska REIM, in partnership with Squaretime Development, has announced the opening of two new retail park developments in the Romanian cities of Bistrita and Pascani.
B1 Retail Park Bistrita opened on 23 November and is the first retail park in the city. The development comprises 21 units spanning 8,900 sqm GLA, and has attracted a range of national and international retailers such as H&M, Deichmann, New Yorker, Hervis, Pepco and KFC. This new development project is located on the main road that traverses the city of Bistrita and is adjacent and accessible to an existing Kaufland hypermarket. The site has parking for 450 cars.
A second phase of development is planned which will see the addition of 3 additional retail units and a drive-thru restaurant. This will increase the total GLA of the site to 11,000 sqm, with the second phase development scheduled for completion in Q4 2018.
Retail Park Pascani is a development consisting of 5 units and a GLA of 2,200 sqm, with parking for 120 cars. It opened on 30 November, and tenants include Pepco, Flanco, Deichmann and Takko Fashion.
As part of its investment strategy, Mitiska REIM works in collaboration with local partners on both acquisitions and development projects. The land for Retail Park Pascani was acquired by Mitiska REIM as part of the Alpha Property portfolio transaction in March 2017, which Mitiska REIM acquired from its Romanian investment partner Intercora. Former CEO of Alpha Property Development and now Partner at Squaretime Development, Clemens Petschnikar, has continued as both co-investment partner with 5% of shares, as well as leading the property services management for Mitiska REIM’s Romanian portfolio.
David Tejml, CEE Investment Director at Mitiska REIM, commented: “The opening of both the Bistrita and Pascani developments consolidates Mitiska REIM’s position as the leading retail park investor in Romania, now with 21 sites across the country. Working closely with local partners, such as Squaretime Development, we are continuing to build a strong pipeline of new opportunities in Romania and more widely across Europe."